In the midst of inducting a new strategic partner for its personal loan and mortgage business, GE Money India on Wednesday named Iqbal Singh as its new CEO, and said it expects to close the deal in 6-8 months.

"We hope to finalise the partner in next six to eight months," Singh told PTI in an interview soon after being named the new Chief Executive Officer and President of GE Money India, a domestic consumer finance arm of US-based conglomerate General Electric.

"Morgan Stanley has been appointed as an advisor for induction of the strategic partner in the personal loan and mortgage business," Singh said, adding that talks are on with companies both from India and abroad.

"We have just started the process... an internal valuation has been done," he noted, but declined to reveal the valuation figure.

When asked how much stake it was looking to dilute in the personal loan and mortgage business, a wholly-owned subsidiary, Singh said the company was "entirely open" to the issue and it would depend upon the partner also.

Incidentally, Singh has been instrumental in a number of partnerships GE Money has signed in the past including the credit card JV with State Bank of India [Get Quote].