| "We intend to mop up Rs 700 crore through securitisation, while the rest would be through ECBs and domestic institutions," said Hemant Kanoria, vice-chairman and managing director, SREI. |
| Meanwhile, SREI has firmed up plans to go global. It has already floated a company in Germany where the present foreign institutional shareholders of SREI would be offered stakes. |
| This company "" IIS Gmbh ""will also in the near future float lease-financing companies in the UK, and the US. |
| Officials said the company was looking at a 20 per cent foreign holding in the Germany-based company. |
| SREI said, "The German company would be formed with a euro 1 million capital base and we have got the formal approval from the board, today." |
| "We shall expand to the UK and US. There are opportunities in the leasing arena and we have been successfully able to incorporate best of global practices in our operations. SREI will, therefore, now become a global player expanding beyond the domestic boundaries. We have among us the skill set and experience with a team which can compete globally," he added. |
| SREI's shareholders include International Finance Corporation, FMO "" owned by the government of The Netherlands and DEG, a German government entity. |
| SREI has targeted a 40 per cent growth in turnover this year and has recorded a 28.44 per cent growth in the net profit before tax during the first quarter ended June 30, 2004. |
| Net profit stood at Rs 5.6 crore against Rs 4.36 crore in the corresponding period last year. |
| SREI has also identified the potential of renewable energy in India. It has also initiated renewable energy finance to the remote rural population in the country under the photo voltaic market transformation initiative scheme, but has gone a few steps ahead in moving from financing solar home lighting systems to solar pumps and water heaters. |
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