German engineering conglomerate, Siemens is planning to invest $50 million in Siemens Financial Services (SFS) for commercial operations in India.
SFS is all set to launch its new range of commercial finance solutions to help business and public sector customers in India to invest efficiently, and to maximize growth opportunities in a rapidly developing economy. SFS’ Commercial Finance has also obtained a non-banking financial company license from the Reserve Bank of India.
Siemens reported consolidated net profit of Rs 867.75 crore, up by 15% from the Rs 757.77 crore in 2010. Total revenue, including other operating income, grew by 24% to Rs 12,119.18 crore from Rs 9,743.01 crore a year-ago. During the year, revenue from 'Industry' segment rose by 10% to Rs 5,321.22 crore from the Rs 4,844.07 crore last year, while revenue from 'Energy' grew by 38% to Rs 6,512.44 crore from the Rs 4,707.05 crore in the previous year.