this story originally appeared in on jan 29 2014 new delhi pramod bhasin the man who set up general electrics outsourcing business to india is being appointed as the chairman of the rental business of dlf the countrys biggest builder as the latter plans to consolidate its rental assets into rentco and list it as a reit or real estate investment trust in the future a reit is a type of security that is sold like a stock on an exchange and invests and owns real estate assets that produce a stable rental income for shareholders the advent of reits will give builders an opportunity to monetise their incomeproducing assets dlfs assets generate rents worth rs2000 crore a year and a new company owning these assets could be valued at around rs20000 crore at least according to top executives of the company bhasin set up ge capital international services or gecis renamed genpact in gurgaon after dlf promoter kp singh convinced the then ge boss jack welch to start outsourcing work from the us to india bhasin was inducted onto the dlf board as a nonexecutive independent director in august last year the company now wants to leverage his experience in the bpo outsourcing and it businesses to make the rental business a selfsustaining model by either taking it for an ipo or listing it as a reit said one of the executives cited above most of dlfs 25 million sq ft of leased assets which include offices and malls have been rented to it and outsourcing entities a spokesman for dlf said bhasin joined us a few months ago as an independent director on the board of dlf since he comes from the it ites background we look forward to his guidance in all aspects of business he declined to share details bhasin could not be reached for comment the companys board is likely to take up the appointment of bhasin at its next meeting both the sources said after spending over 25 years at ge bhasin set up an inhouse bpo division gecis in 1997 gecis took up space in offices set up by dlf around that time other technology firms and large mncs began outsourcing business to india and much of this investment came to gurgaon dlf was a big beneficiary of this trend as it was already building offices and homes in the area over the past few years dlf has categorised its businesses into two segments development side which is in the business of building and selling assets such as homes and rental side which builds and leases out assets such as offices and malls going forward the company wants to make the two independent of each other so that they both generate their own free cash said one of the sources bhasins entry is being seen as part of the process of making the rental business an independent vertical within dlf almost 80 per cent of the rental assets are housed in a