SREI income grows by 90 per cent, PAT up 58 per cent

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Kolkata, Jun 16 (UNI) Continuing its growth trend, the consolidated total income of SREI Infrastructure Finance Limited grew by 90 per cent to Rs 800.73 crore for the last fiscal from Rs 420.69 crore in 2006-07, Company Chairman and Managing Director Hemant Kanoria said here today.

Addressing media persons here, Mr Kanoria said the company had recorded a 57 per cent rise in business growth and 58 per cent growth in profit after tax for 2007-08 at Rs 132.73 crore compared to Rs 84.16 crore in the previous year.

'' The new initiatives that SREI has embarked on during the past few years have resulted in completing the entire value chain and making it an integrated infrsastructure institution, '' Mr Kanoria said.

He informed that the infrastructure equipment finance division of SREI would now operate under SREI Equipment Finance Private Limited where BNP Paribas had invested about Rs 775 crore for a 50 per cent equity stake.

Mr Kanoria said SREI and its consortium partners, in their role as advisors to the Uttar Pradesh government, recommended the implementation of the 1,047 km eight-lane expressway stretching from Greater Noida to Ballia in Uttar Pradesh.

The project, estimated to cost over Rs 75,000 crore in the development of large tract of land alongside the Ganges, could mark the beginning of a new economic corridor across Uttar Pradesh, he said.

Referring to the company's new business plans, Mr Kanoria said SREI would accelerate its activities in infrastructure project finance, project development, investment banking and venture capital business.

UNI ADG SJC RN1907

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