SACE SpA, the Italy-based insurance and financial group that supports growth and competitiveness of enterprises in foreign markets, launched its India operations on Tuesday. With a current exposure of over Euro 1 billion, India is the seventh emerging market in SACE's portfolio.
India accounts for almost 80% of the new commitments made in Asia in 2011. Within sectors, the oil and gas sector accounts for 70% on capital (private risk only), metals and mining accounts for 15%, and automotive 11%. SACE has made new commitments of Euro 166 million up to September 2012, said a press release.
Announcing the launch of its India operations, Raoul Ascari, Chief Operating Officer SACE SpA said, “SACE has been actively engaged with Indian companies for many years. Currently, we are looking at transaction worth a couple of billion Euros, in a quite broad range of sectors, ranging from automotive, to refineries, petrochemicals and SMEs skilled technologies. We are very excited about the potential of the Indian manufacturing and automotive sectors, and also renewable energy.”
SACE SpA helps investment and trade activities of Italian companies in India and South Asia by guaranteeing loans to companies, insuring exporters against the risk of non-payment and so on.
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