SFS Commercial Finance has also obtained a non-banking financial company license from the Reserve Bank of India
Siemens AG, a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors, said it will invest $50 million in Siemens Financial Services for commercial operations in India.
"Siemens Financial Services (SFS) is rolling out its range of commercial finance solutions to help business and public sector customers in India to invest efficiently, and to maximise growth opportunities in a rapidly developing economy," Siemens Financial Services GmbH chief executive Roland Chalons-Browne said.
We will invest $50 million for setting up Siemens Financial Services, Chalons-Browne said, adding the expansion of its presence in the Indian markets represents a significant milestone for SFS.
SFS Commercial Finance has also obtained a non-banking financial company license from the Reserve Bank of India, its chief executive Sunil Kapoor said.
Siemens research forecast says that capital expenditure in the key Indian markets will be very strong between now and 2020, with the healthcare sector investing over Euro 200 billion (Rs13.2 trillion) industry sector more than Euro 125 billion (Rs8.25 trillion) and utilities sector over Euro 800 billion (Rs52.8 trillion).
Force Motors expected an overall turnover of Rs3,000 crore in this financial year
Force Motors, which has a manufacturing capacity of one lakh vehicles in Madhya Pradesh, expected an overall turnover of Rs3,000 crore in this financial year.
Pune-based Force Motors plans to invest Rs1,000 crore in the next two years for development of new models.
The company, which has a manufacturing capacity of one lakh vehicles in Madhya Pradesh, expected an overall turnover of Rs3,000 crore in this financial year, Force Motors managing director, Prasan Firodia said, while inaugurating a showroom for its new sports utility vehicle (SUV) 'Force One'.
Talking about Force One, Firodia said that the turbo- charged heart of the SUV, the 2.2 FM tech Engine, beats faster than any other SUV in its segment.
In the early afternoon, Force Motors was trading at around Rs573 per share on the Bombay Stock Exchange, 1.98% down from the previous close.
Oriental has selected ING Vysya Bank's payment platform ING [email protected]
ING Vysya Bank said that it has signed a memorandum of understanding with state-owned Oriental Insurance Corporation for offering ePayments services through all its branches across India. Oriental has selected ING Vysya Bank's payment platform ING [email protected], after the general insurer initiated e-payments as a mode of payment to its customers.
Earlier, ING Vysya Bank had also signed a similar MoU with Life Insurance Corporation of India. ING Vysya Bank has ensured technology as one of its core investment focus in India and as a result of which most of the transaction processing systems and electronic banking delivery channels have been built around evolving domestic payments and clearing systems. Providing speedy, safe and convenient transaction processing environment has been the thrust behind all technological advancements of the bank.