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KfW IPEX-Bank finances infrastructure in India with USD 25 million to SREI Infrastructure Finance
Frankfurt/Main (ots) - KfW IPEX-Bank will provide a long-term loan of USD 25 million to the Indian SREI Infrastructure Finance Ltd. The corresponding agreements were signed today in Kolkata. SREI is the market leader in India for infrastructure equipment leasing such as construction site equipment, diggers and trucks. Among SREI's customers are many small and medium-sized contractors and builders but also large Indian construction companies.
Christian Murach, member of the Board of Managing Directors of KfW IPEX-Bank and Hemant Kanoria, Vice Chairman and Managing Director of SREI described the contract as the start of an intensive cooperation 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 investments 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.
Hemant Kanoria said, "We are extremely glad to strengthen our relationship further with KfW Bankengruppe, through our new partnership with KfW IPEX-Bank, which is an expert in international Project and Export Finance. 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."
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank provides project and corporate finance and offers trade and export finance in Germany and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are done on commercial terms. It has been run as a legally dependent bank within KfW Bankengruppe since January 1, 2004 and as of January 1, 2008, will be separated into a legally independent subsidiary. In the year 2005 KfW IPEX-Bank made new commitments for total of EUR 12.1 billion.
About SREI Infrastructure Finance Ltd.
SREI, the country's leading private sector infrastructure equipment, infrastructure project and renewable energy financing company commenced its operations in the year 1989. SREI is operating across the country with a network of 37 branches and has also expanded its operations overseas. SREI is the first Indian Infrastructure Financing Company to be listed on the London Stock Exchange (LSE). International Finance Corporation (IFC), Washington (World Bank Group), DEG Germany (Financial Institution owned by the Government of Germany), FMO the Netherlands, (Financial Institution owned by the Government of Netherlands), BIO (Financial Institutions owned by the Government of Belgium) and FINNFUND (Financial Institution owned by the Government of Finland) are among the large stakeholders in the company.
For further information, please contact:
SREI Infrastructure Finance Ltd. Probir Kumar Misra, Vice President - Phone: +91- 98302 61708 - E-mail: email@example.com
KfW IPEX-Bank Dela Strumpf - Phone: Tel: +49 69 7431 2984 - E-mail: firstname.lastname@example.org