GE Money will join hand with international mortgage major Wizard to float a joint venture in India with an investment of $200 million to enter the booming home loan market.
The joint venture to be named as Wizard Home Loans will invest $200 million in equity and aims to set up over 250 branches across the country by 2011, Wizard International Chairman Mark Bouris told reporters here on Thursday. “Our strategic partnership seeks to transform the landscape of the home loan industry in India as we will initially offer an aggressive interest rate of 9.99 per cent to consumers,” GE India Chief Executive Officer T P Chopra said.
Pointing out that GE has a long-standing presence in India he said, “Our deep understanding of India’s market would help in enabling Wizard Home Loans to position itself in the country.”
Mr Bouris said Wizard is also planning to enter into India’s mortgage sector.
