Shriram Transport buys Rs 1,200 cr assets of GE Capital

January 12, 2010 5:24 am

Shriram Transport Finance Company has acquired Rs 1,200-crore worth assets of GE Capital India’s transportation finance portfolio. Shriram Transport’s Managing Director, R. Sridhar, said the move would benefit the company’s margins. “It will also help boost our bottomline,” he added. According to him, the company was growing rapidly at around 25 per cent and needed the assets which now it will have in its portfolio.
The company has acquired Rs 1,200-crore worth of commercial vehicles and construction equipment assets from GE Capital’s transportation finance business. Meanwhile, GE Capital India said that it has agreed to sell a part of its transportation finance portfolio to Shriram Transport. GE Capital will retain the balance portfolio with no change to the existing people and infrastructure supporting that business.
“In 2010, we plan to grow several commercial and consumer finance businesses in India, including our credit card joint venture with the State Bank of India,” said GE Capital India’s President & CEO, Anish Shah.