Siemens Financial Services (SFS), the international financial services arm of German technology major Siemens AG, will soon begin full-fledged services in India. The company has sought banking regulator Reserve Bank of India’s (RBI’s) approval to establish a non-banking finance company (NBFC) for the purpose.
The size of SFS’s initial investment is not known, though Siemens executives said the focus of the fund will initially be healthcare.
SFS finances infrastructure, equipment and working capital investments on behalf of Siemens as well as business-to-business customers. It is active under four categories — commercial finance, equity investments and project finance, insurance and treasury and investment management. The Indian unit of SFS is expected to launch a large portfolio of financing options that cater to the diverse needs of the domestic healthcare sector.
“Right from the doctor who manages his clinic to corporate hospital chains, every category of healthcare provider can avail the services of our financial arm to acquire the latest Siemens products,” said D Raghavan, executive vice-president, Medical Solutions Division, Siemens
He expects the SFS arm to start functioning after obtaining necessary regulatory approvals by March 2011.