First Leasing Company of India was incorporated as the first leasing company of the country on September 10, 1973. Farouk Irani promoted the company. It introduced leasing in India during September 1973, 34 years back and additionally commenced hire-purchase-transaction in 1986 and diversified into consumer finance during 1988.
The total revenues of First Leasing grew to Rs 30.95 crore during the fiscal year ended on 31st March, 2008. First Leasing financial assets are focused on quality not quantity. Approximately 80% of the rentals contracted are with counter parties representing Sovereign Risks, World Class Corporate and other large domestic companies whose payment track record over the last 15 years is unassailable. The British government through the instrumentality of Commonwealth Development Corporation (CDC) took equity in the equivalent of £2.5 million. First Leasing was appointed as financial consultants to the financial wing of the Indian Railways, namely, Indian Railway Finance Corporation (IRFC). First Leasing recently completed an Rs 75 crore lease agreement with IRFC. First Leasing’s operations are primarily focused on corporate financing.
The foregoing indicates that First Leasing has met the needs of these highly service-conscious, cost-conscious and demanding multinationals and retained business relations with them over long periods of time.
Product offered by the company:
• Short-term lease• Long-term lease• Sale and lease back• Hire-purchase• Operating lease• Inter corporate deposit• Fixed deposit• Consumer credit
• CitiBank• Johnson & Johnson• Volvo• Seimens Public Communications• ABB• ANZGrindlays• IDBI Bank• TELCO• Knoll Pharmaceuticals• Bayer