GTF targets Rs 15000 crore turnover during current fiscal

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Chandigarh, Oct 13: Global Trade Finance Ltd (GTF), a Non Banking Finance Company (NBFC) providing export-import and domestic trade finance solutions, has set a target of Rs 15000 crore turnover during the current fiscal.

Disclosing this in a press conference here today, Managing Director Arvind Sonmale said that the company also planned to expand its operation in the satellite towns and would open 12 offices across the country during the period.

The company had chosen the City Beautiful as the first stop by opening its office here today which was inaugurated by Union Minister of State for Finance Pawan Kumar Bansal. It was the first in the phase-one roll out of satellite offices and eighth in the country, Mr Sonmale said.

The offices would be opened in Ludhiana, Jalandhar, Moradabad, Jaipur, Jodhpur, Indore, Pune, Vishakhapatnam, Hubli, Puducherry, Coimbatore and Kochi, he said.

The company has offices presently in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Ahmedabad and Kolkata.

Mr Sonmale said the new office will enable SME entrepreneurs in the Chandigarh, Punjab, Haryana and Uttrakhand region to avail of trade finance products and services and other products like international and domestic factoring, channel financing, import factoring, and LC discounting.

''GTF offers a viable alternative to bank finance for SMEs based in and around Chandigarh. Being a NBFC, GTF enjoys the flexibility of providing adequate, timely and hassle-free finance,'' he said.

Mr Sonmale said the company had last year launched a 'first of its kind' web-based 'e-loans' sanctioning facility of up to Rs 5 crore for small scale industries (SSIs) and was the only factoring company in the counry to offer on-line web access to its clients for accessing their accounts ,'' he added.

Mr Sonmale said the company as on September 30, 2007 had achieved turnover of Rs 4700 crore and was likely to touch the targetted mark of Rs 15000 crore by end of the current fiscal.

The company had registered a 121 per cent growth in turnover at Rs 6250 crore in year 2006-07 clocking 100 per cent increase in its bottom-line for the third year in a row, he claimed.

UNI

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