Srei raises Rs 210cr for infra finance

Srei Infrastructure Finance (SIFL) has secured a long-term syndicated loan of $45 million (Rs 210 crore) from Dutch development finance firm FMO.

Srei is engaged in the business of infrastructure equipment and project finance and renewable energy products financing.

The cooperation agreement was signed in New Delhi. FMO, a stakeholder in SIFL for 10 years, has done this funding in association with long-term investors like Fortis Bank of Belgium and Cordiant Bank of Canada in the syndicate.

According to a release issued here, Wim Wienk, regional director of FMO, signed the agreement with Hemant Kanoria, VC & MD of SIFL.

Wienk described the contract as one strengthening cooperation for the financing of infrastructure investments in India.

Kanoria said the association with FMO would be strengthened further while the loand would provide funds for assistance to small and medium enterprises involved in the infrastructure sector in India.

SIFL said it had researched the need to improve affordability of infrastructure equipments in India to accelerate industry growth.

In its core business of financing infrastructure construction equipment, SIFL was at present the leading player among non- banking financial institutions in India.

FMO, the international development bank of the Netherlands, invests risk capital in companies and financial institutions in developing countries, and has an existing investment portfolio of euro 2.4 billion.

SIFL, with a network of 37 branches, was the first Indian infrastructure financing company to be listed on the London Stock Exchange (LSE).