Srei,Vnesheconombank to create USD 200m IT and Innovation Fund

Srei Infrastructure Finance today announced the signing of a memorandum of understanding (MoU) with Russian state development institution Vnesheconombank to create a USD 200 million IT and Innovation Fund.
Srei, a Kanoria Foundation entity, is an integrated infrastructure institution with around USD 5.5 billion of consolidated assets under its management.
Vnesheconombank operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment.
"The IT and Innovation Fund will promote India-Russian cooperation in the area of IT technologies and innovation.
"Srei and Vnesheconombank, through this fund, will explore investments opportunities in technology companies in Russia, India and other selected regions," Seri said in a statement.

Hemant Kanoria, Chairman and Managing Director of Srei, said the fund will serve as a two-way bridge between Indian and Russian markets and create opportunities of technology cooperation.
Srei shares closed at Rs 109.80 a piece on BSE, up 4.22 per cent over yesterday.