Global Trade to raise resources in India, abroad for expansion

MUMBAI: International trade enabler Global Trade Finance (GTF) will raise resources worth Rs 2,345 crore in Indian currency and USD 120 million through overseas borrowing in FYO7-08 to develop and expand its factoring business.

Announcing the company's expansion plans here today, GTF's MD and Chief Executive Arvind Sonmale said, "Our aim is to constantly innovate and bring in structured trade financing products keeping in mind the requirements of our clients."

"GTF will be raising the Rs 2,345 crore from Indian banks and USD 120 million from foreign banks," GTF's Chief Operating Officer K A Menon said.

Sonmale also announced GTF's plans to add 40 satellite offices at key SME clusters across India.

"The satellite offices will be set up during FY07-08 and they will be marketing offices for deeper peneteration in Tier II cities," he said while announcing financial results.

GTF, promoted by four financial institutions, is one of the seven Indian companies in the factoring business.

As a factor the company purchases the debts of the clients as and when they arise enabling immediate cash flow.

"In Maharashtra GTF plans to open satellite offices in Kolhapur, Pune, Nashik, Thane and Aurangabad," Sonmale said.

These offices will be reporting to one of the seven main offices in Mumbai, Delhi, Chennai, Kolkata, Ahmedabad, Hyderabad and Bangalore.