General Electric Company (GE) has sold its India transport financial services business for 12 billion rupees ($255 million) to Shriram Transport Finance Company (STFC).

Shriram Transport’s managing director R Sridhar confirmed the transaction but declined to give more details.

The deal would allow the India’s largest non-banking financial services company to expand its customer base. GE, which has been looking to sell the business since last year, would still hold its consumer finance business.

STFC is one of the largest asset financing NBFCs in India. STFC is among the leading organized finance providers for the commercial vehicle industry focusing on providing various credit facilities to Small Truck Operators.

The company was incorporated in 1979.

STFC is part of the “Shriram” conglomerate which has a significant presence in financial services viz., commercial vehicle financing business, consumer finance, life and general insurance, stock broking, chit funds and distribution of financial products.

General Electric Company operates as a technology, media, and financial services company worldwide. Its Energy Infrastructure segment produces gas, steam, and aeroderivative turbines; generators; and combined cycle systems, and provides water treatment services and equipment. GE’s major competitor is United Technologies Corporation (UTX).

We currently have a Neutral recommendation on GE.

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