Foreign technology giant, Siemens AG is eager to set up its financial services arm, Siemens Financial Services (SFS) in India. The company has asked for an approval from banking regulator, Reserve Bank of India in this regard.

Although the size of initial investment has not yet been disclosed by the company, it has said that it will initially focus in healthcare segment.

The infrastructure, equipment and working capital investments of SFS will be on behalf of parent company, Siemens and B2B (business to business) customers. The finance wing currently operates in four segments, commercial finance, equity investments and project finance, insurance and treasury and investment management.

"Right from the doctor who manages his clinic to corporate hospital chains, every category of healthcare provider can avail the services of our financial arm to acquire the latest Siemens products," said D Raghavan, executive vice-president, Medical Solutions Division, Siemens.

He expects the SFS arm to start functioning after obtaining necessary regulatory approvals by March 2011.