IBM India has announced the launch of its IBM Global Financing (IGF) division in India. The division, though a part of the IBM, will function as an independent business unit and will provide leasing and financing to customers to fund their IT requirements.The leasing and financing services from IBM will be avalable to customers and business partners for funding their software, hardware and service requirements for both IBM and non-IBM products to a certain extent.
India is the 12th country for IBM to launch its IGF division, which represents 45 per cent of IBM's assets. Close to 11 per cent of the company's global pre-tax income came from the financing and leasing initiative in 1999.
The current financing and leasing market for IT products in India, according to the company's officials, was expected to be in the range of $500 million to $1 billion and IBM was looking at tapping this segment.
Addressing presspersons, IBM India director and CEO Ranjit Limaye said the launch of IGF operations in India was in line with the company's strategy to be a one-stop-shop solution vendor for all its customers across the country.
Customer financing, commercial financing and global asset recovery services would be part of the divisions activities, Mr Limaye said.
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