The fund is to start operations by March 2011, and with a major concentration in the health-care industry.
Siemens Financial Services (SFS) is the financial services division of the big German technology company Siemens AG. SFS will be offering a complete range of services in India. The company has requested the Reserve Bank of India’s (RBI’s) authorization to start a non-banking finance company for their financing business.
SFS finances working capital, equipment, and infrastructure investments for Siemens and other business-to-business entities. It is active under four areas: treasury and investment management, insurance, equity investments and project finance, and commercial finance. The India division of Siemens Financial will offer a large portfolio of financing options that serve the specialized requirements of the Indian health-care sector.
“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.
Siemens Ltd is the flagship listed company of Siemens AG in India. Siemens AG holds 55.18 per cent of the new company. The company is a major provider of industry and infrastructure solutions. Its total business volume is about Rs 12,000 crore. It works in the fields of and health care, energy, and industry.
Seimans’ health care business achieved 39 per cent growth during the year ended September 30, 2010. With greater financing tools, the company expects to continue its growth in the health care industry.