Asset financier Shriram Transport Finance Company announced Thursday that it had bought some of the assets of GE Transportation Finance in a deal worth Rs 1,200-crore.
The deal is expected to add a new set of customers to the Shriram Transport Finance Company.
Speaking on the topic, Shriram Transport's MD R. Sridhar said, “It will also help boost our bottomline.”
The company, which is known mainly for financing purchase of old commercial vehicles, is expected to fund the deal from its cash reserve. Mr. Shridhar said that had a lot of liquidity.
On the other hand, GE Capital India said that it had sold some assets of its transportation finance portfolio in order to exit non-core areas and focus on its growth businesses.