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Moumita Bakshi Chatterjee

New Delhi, Nov 20 Hewlett Packard Financial Services India, which focuses on financing and leasing of IT products and solutions to its consumers, has sought Foreign Investment Promotion Board’s (FIPB) approval for enhancing the scope of its business activities to include financing purchases of ‘other equipment’ that are incidental to IT products such as communication, office automation, and power equipment.

The proposal was discussed in a recent meeting of the FIPB, and is understood to have got the nod, subject to final clearance by the Finance Minister.

HP Financial Services India has foreign collaboration (FC) approval dated 2001 to engage in the business of financing and leasing of IT products and solutions to consumers in India.

In the original proposal dated 2001, it was stated that the company would undertake the business of financing and leasing all kinds of computer systems, IT products, solutions and services and would provide its services to large and medium-sized and small business purchases of Compaq products and services.

The company recently sought an amendment of activities listed in the FC approval, saying it often receives request from its consumers to finance purchases of other equipment also which are not necessarily IT equipment.

“The company has said that due to development of IT and convergence between different technologies, the scope of purchases by customers that Hewlett Packard Financial Services India is required to finance and lease has grown tremendously.

“It is also requested to lease or finance equipment used by its customers in connection with or incidental to use of IT products and solutions,” sources said.

The company has also requested deletion to the reference of “consumers” in its approved entity saying that in most cases they were requested to finance purchase of equipment by businesses and industries and it was not clear whether they could be referred to as “consumers”.

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HP Financial Services seeks FIPB nod

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