Srei to raise Rs 210 cr loan
The Netherlands Development Finance Company (FMO) has agreed to provide a long-term syndicated loan of $45 million (Rs 210 crore) to Srei Infrastructure Finance Limited (SIFL), engaged in the business of financing infrastructure equipment, projects and renewable energy products. According to a press release issued here, Wim Wienk, regional director of FMO, signed the agreement with Hemant Kanoria, vice-chairman and managing director of SIFL in New Delhi. FMO, a stakeholder in SIFL for the last 10 years, will be syndicating the loan along with its long-term investors like Fortis Bank of Belgium and Cordiant of Canada. Wienk said the contract will strengthen the cooperation for financing infrastructure investments in India. Kanoria noted that the association with FMO would be strengthened further, while the loan would provide funds for assistance to small and medium enterprises involved in the infrastructure sector. SIFL added that there is a need to improve the affordability of infrastructure equipment to accelerate industrial growth.