GE Money seeks partner for India loan biz

Written by Agencies | New Delhi, January 29: | Updated: Jan 29 2008, 23:56pm hrs
GE Money India, consumer finance arm of US conglomerate General Electric, on Tuesday said it is seeking a partner for its personal loan and mortgage business, but debunked reports about the entire firm being on the block.

GE Money India is seeking a strategic partner for its wholly-owned personal loans and mortgage portfolio only, a company spokesperson said in a statement.

The statement followed reports that GE Money might sell its India business and that investment bank Morgan Stanley has already approached finance companies in India and abroad for a potential deal.

The report named Anil Ambani groups financial services arm Reliance Capital and Sameer Gehlaut-promoted Indiabulls among those interested in a deal.

While industry sources confirmed that Reliance Capital was interested in a deal, no independent confirmation could be obtained about Indiabulls. When contacted, a Reliance Capital spokesperson declined to comment on the issue, while officials at Indiabulls were not reachable.

Industry sources also said that Reliance Capital was interested in the entire business of GE Money in India, but the officials at GE Money said the company was only interested in brining in a strategic partner for its personal loans and mortgage business.

GE Money was certainly not on the block, they added.

The statement added that, GE Money will continue to build on our successful partnership in SBI Card and continue to invest in our fast-growing Wizard Home Loans JV as well as to seek growth opportunities in other segments.

GE Money remains committed to India as a market for growth and investment, the spokesperson said.