Gujarat Lease Financing Ltd company was incorporated as a public limited company on July 13,1983 as a wholly owned subsidiary of Gujarat Industrial Investment Corporation Limited (GIIC); a Government of Gujarat undertaking, to provide complementary financial services. It received the Certificate of Commencement of Business on October 28, 1983. The company started its operations in the year 1985 by providing lease finance to various clients in Gujarat.
Over the years, the company has emerged as a major national player in the field of financial services offering a variety of services and products to the customers. In view of the regulatory controls over raising of resources and recessionary conditions in the end of nineties and beginning of twenties the Company started incurring losses. Consequently the Company has discontinued its activities since more than five years.
Gujarat Lease Financing (GLFL) is a widely held limited company listed at Bombay Stock Exchange and National Stock Exchange. The company has issued share capital of Rs.2801.51 lakh, subscribed capital being Rs.2719.90 lakh and paid-up share capital is Rs.2716.05 lakh.
Major area of operation of the company was lease financing. However, since financial year 2000-01, the company has stopped the lease finance activities. Financial year 2001-02 witnessed the drop in income from operation to Rs.0.59 lakh from Rs.8.39 lakh of 2003-04 and Rs.378.13 lakh in 2002-03 and Rs.1641.74 lakh in 2001-02.
The company has three 100% subsidiaries, namely GLFL Housing Finance Limited, GLFL Securities Limited and GLFL International Limited.