SREI Infrastructure Finance Ltd ties up with KfW IPEX-Bank

SREI Infrastructure Finance Ltd has informed BSE KfW IPEX-Bank will provide a long-term loan of USD 25 million (Rs 1,150/- million) to the Company. The corresponding agreements were signed on July 11, 2006 in Kolkata. The Company is the market leader in India for infrastructure equipment leasing. Among the Company´s customers are large numbers of construction Companies / contractors. The Company has also been financing infrastructure projects and renewable energy products.

Christian Murach, member of the Board of Managing Directors of KfW IPEX-Bank and Hemant Kanoria - Vice Chairman and Managing Director of the Company described the contract as the start of an intensive co-operation for the financing of infrastructure investments in India.

Murach emphasized the importance attached by KfW IPEX-Bank to the objective pursued by the Indian government to support the rapid expansion of the country´s infrastructure in order to better exploit India´s growth potential. "As a bank specialising in the financing of complex transport and infrastructure KfW IPEX-Bank is a natural partner in this field. As part of KfW Bankengruppe we have been active in India for more than 40 years and can offer comprehensive and specific know-how."

Murach underlined that the bank intends to substantially expand its activities in India. "Within the next three years we want to increase our portfolio with India to approximately USD 3 billion." He announced that KfW IPEX-Bank will open up a representative office in Mumbai for this purpose in the course of this year. Currently KfW IPEX-Bank already maintains representative offices in New York, London, Moscow, Ankara, Beijing, Bangkok, and Sao Paulo.

Speaking on this occasion Mr Hemant Kanoria, Vice Chairman & Managing Director, of the Company said, "We have been associated with the German Government institution DEG since 1995. They have been our partners investing both in the equity and debt of SREI. We are extremely glad to strengthen our relationship further with Germany, through our new partnership with KfW IPEX-Bank, which is one of the largest German Government owned financial institutions. Germany has also been our choicest destination for creating our global subsidiary through which we have expanded in Europe and propose to foray into other countries also."

Source : Equity Bulls

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