Infrastructure Development Finance Company (IDFC) has announced that it is in discussions with GE Commercial Finance, the financial subsidiary of GE, to take over 35 percent equity stake in its construction equipment finance business in India.

The sources close to the company said that GE is eyeing at hiving off its construction equipment finance business into a joint venture conglomerate.

The sources further revealed that IDFC will own 35 percent equity stake in the JV company and GE Commercial Finance will be the owner of remaining 65 percent.

According to the company officials the proposed JV company would entail an investment between Rs 650-800 crore.

While commenting on the acquisition, GE spokesperson stated, “India is a critical growth market for GE and we are committed to growing our business in the country. We are constantly evaluating opportunities to strengthen our presence in the market.”

According to the reports, GE Commercial Finance internationally has assets of over USD 335 billion. It caters to industries including healthcare, manufacturing, construction, infrastructure and equipment, among others.

The reports further revealed that the conglomerate’s real estate portfolio spans across all market segments — from industrial, commercial and office space to residential and recreational developments.