GTF will focus Coimbatore
Chennai:Global Trade Finance Ltd (GTF) feels that the exports by small and medium enterprises (SMEs) will go up sharply over the years and the company also believes that it will become a leader in international and domestic factoring business in India in a short period of time. This was revealed by Arvind Sonmale, managing director and chief executive officer, GTF. Talking to FE recently in Chennai, he said: “We have grown over 100% annually in both clients as well as business and hopes to become a leader in this business in a short period of time.”Though there has been six to seven prominent players in the factoring business in India, including SBI, HSBC, Canbank, Foremost, ECGC, etc, we believe given our wide portfolio and number of offerings GTF will become a dominant player in this business, he added.
Buoyed by an overall economic growth, SMEs are increasingly becoming active in the global trade arena. “Of the total estimated export of $125 billion, SMEs contributed 35%. We expect that the same will increase to 40% in the next few years,” Sonmale said.“Ever since we started in late 2001, we have been growing steadily with over 70% of our total business comes from SMEs only.As against Rs 2,700 crore total disbursement in 2005-06, we expect to end the fiscal with Rs 6,000 crore business. Having spread our wings across the country, GTF sees that its business touch Rs 10,000 crore in the next fiscal,” he added. GTF has over 700 clients.
“Having understood the success of IT and ITeS sectors in India, SMEs in the areas of auto components, textiles/textile machineries, pharmaceuticals, chemicals/dyes, engineering goods have improved the quality of products to exploit the growing demand from multinational companies abroad,” he said.ssiness. “Though SMEs account for 70% of total business there are hardly any default so far that shows the credibility of SMEs in India,” he said. GTF products basket include commodities, crude, refined oil, etc he added.
GTF will be focusing more on cities such as Coimbatore, Trichy, Tirupur, Puducherry, Madurai, Thiruvananthapuram, Kochi, Kozhikode, Bangalore, Mysore, Hyderabad, Visakhapatnam in the south, he added.
