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IBM launches tech finance unit in India

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CIOL Bureau
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BANGALORE: Technology giant IBM Corp launched its global leasing and

financing unit on Thursday in India and said the venture was aimed at helping

its customers easily access new technologies.

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"Our customers are eager to deploy new technologies and migrate more

quickly to e-business environments," IBM India chief executive Ranjit

Limaye told a news conference.

"With IBM Global Financing's (IGF) flexible and attractive financing

programs, customers will preserve their capital and have a greater access to the

marketplace," he said.

Limaye said that IGF's India unit was the twelfth in Asia and would focus on

leasing and financing mostly to large customers to upgrade their computer

technology hardware, software and services.

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IBM officials said that the firm had an ongoing relationship with 15 Indian

banks and five non-banking financial companies from which it would source its

funds.

The officials declined to give details of the funds that would be made

available in India.

A statement from IGF said that it had arranged for $44 billion of financing

globally during 1999.

IBM has a personal computer manufacturing facility, software labs and

research and development centers in India.

(C) Reuters Limited 2000.

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