SBI Factors & Commercial Services plans to double its business during the current financial year, by focussing on newer areas, MD & CEO, D S Das said.
KOLKATA: SBI Factors & Commercial Services plans to double its business during the current financial year, by focussing on newer areas, MD & CEO, D S Das said.
“Our total business during the fiscal ended March 31, 2008 stood at Rs 1,908 crore and we have set a target to mop up Rs 2,000 crore of additional business during the current fiscal,” Das said here on Thursday. He said that already the company has mopped up Rs 1,100 crore of business during the current fiscal.
Export factoring for the small and medium enterprises sector would be the main focus of the company during the current financial year, he added.
According to him, so far, the company had been offering financial solutions for receivables management by offering services like receivable factoring facility, purchase bill factoring facility, export factoring and factoring of bills under letters of credit.
“However, the present focus would be to convert the receivables into instant cash with liberal terms like grace period and lower margins vis-à-vis other means of finance like financing of receivables, collections, credit protection and sales ledger administration,” Das said.
The company is considering going for overseas tie-up in the long run, especially in African countries. “We already have a couple of overseas offers, but the time is too premature to strike a deal now. We will go for it as and when necessary,” said Das.
SBI Factors is a five-way joint venture between State Bank of India, State Bank of Saurashtra, State Bank of Indore, Small Industries Development Bank of India and Union Bank of India. The major sectors that the company offers its factoring services include iron & steel, textiles, chemicals and food processing industry.
r_sumanta@dnaindia.net
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