Siemens to invest $50 million in Indian financial services arm

MUMBAI: Siemens AG, a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors, today said it will invest USD 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 told reporters here. We will invest USD 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 (Rs 13.2 trillion) industry sector more than Euro 125 billion (Rs 8.25 trillion) and utilities sector over Euro 800 billion (Rs 52.8 trillion)