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T.E. Raja Simhan

Chennai, Nov. 11 An exclusive non-banking finance company (NBFC) for the information technology industry?

Delhi-based Easyaccess, which was acquired by the Chennai-based Redington (India) Ltd, is likely to be the country’s first NBFC catering to financial requirements in IT industry, said a source.

Although there are banks and financial institutions providing funds for customers across verticals, including two-wheelers, four-wheelers and consumer electronics, there is nothing exclusively for the IT sector. Also, vendors such as HP and IBM provide finance options, but only for their respective products. Easyaccess will provide funds only for IT products, the source said.

Redington on Friday announced it had bought Easyaccess in a Rs 3-crore deal. A distributor of IT and related products, the company will invest around Rs 100 crore in Easyaccess, which will commence operations from January 1, 2008.

Redington will initially target its 12,000-plus channel partners, and later expand operations to retail consumers, the source said.

Easyaccess will be a 100 per cent subsidiary of Redington, and plans disbursals of around Rs 5,000 crore at the end of the first year of operations. Till now, the trade and channel partners of Redignton used to get 30-60 days credit, and later approach banks for financial assistance. However, Redington will directly provide money to its partners and, in the bargain, get better margins for products, the source said.

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