The financial services unit of German multinational - Siemens Financial Services on Tuesday rolled

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out commercial finance operations in India.

This follows Reserve Bank of India’s approval to operate commercial finance business of Siemens Financial Services as a Non-Banking Finance Company (NBFC).

Siemens Financial Services’ commercial finance business in India will offer tailored financing arrangements in the form of loans and other finance products permitted by the RBI.

The Munich based parent of Siemens Financial Services, has set aside ¤50 million (Rs 352 crore) for commercial finance, a Siemens official said. The sum will allow it to be a fully owned subsidiary of the German major.

Sunil Kapoor, CEO, Siemens Financial Services said, “By having our own NBFC license and company, we are in a position to offer loans, leasing and other financial products from India as part of our offering to all sorts and sizes of organisations, and as a result, we can provide essential support for Siemens and other B2B vendor financing requirements.” Roland W Chalons-Browne, CEO at Siemens Financial Services said, “Our financing operations in India allow us to better align with the Siemens sectors. We provide a perfect combination of technologies and financing solutions to customers. Organisations are looking for access to efficient financing in order to grasp the huge growth opportunities even in difficult times.”

Reuters adds: Siemens, a unit of Germany-based Siemens AG, posted a 29 per cent fall in its September quarter net profit, largely hurt by foreign exchange losses.

The company reported a net profit of Rs 178 crore ($33.9 million) after taking an exchange loss of Rs 159 crore. Its net sales posted a 19 per cent jump in net sales to Rs 3559 crore from the same period a year ago.