SACE SpA, Italy-based insurance and financial group, today announced the launch of its India operations, which will help expand its euro one billion portfolio in the country and serve as a regional hub for its business in South Asia.
"With a current exposure of over euro one billion, India is the seventh emerging market in SACE's portfolio," the company said in a release issued here.
"SACE has been actively engaged with Indian companies for many years. Currently we are looking at transaction worth a couple of billion Euros, in a quite broad range of sectors, ranging from automotive, to refineries, petrochemicals and SMEs skilled technologies.
"We are very excited about the potential of the Indian manufacturing and automotive sectors, and also renewable energy," the release quoted SACE SpA Chief Operating Officer Raoul Ascari as saying.
SACE is currently negotiating agreements with both local and international banks active in the Indian market in order to further extend its operations.
The Italian company has a strong balance sheet, with shareholder funds of euro 5.7 billion and a solvency ratio coverage of 243 per cent, it said.
SACE's commitments in the conduct of business are guaranteed by the Italian government.
SACE is currently working on a pipeline of euro 2 billion worth projects (with expected commitments of euro 750 million) particularly in the diversified manufacturing sector and energy segment.
The company's business encompasses three product lines - risk mitigator, business facilitator and growth catalyst - offering a wide range of products and services dedicated to banks and small, medium and large enterprises.