SREI ties up with KFW-IPEX Bank for 25 million dollar credit

Kolkata, Jul 11 (UNI)" Srei Infrastructure Finance Limited" today signed an agreement with KFW IPEX-Bank of Germany, having an asset base of 90 billion dollars, for a long-term credit of 25 million dollars(Rs 115 crore) for executing several global infrasructural projects.

Signing the agreement at a simple ceremony here today member of the Board of Managing Directors of KFW IPEX-Bank Christian Murach and Vice-Chairman and Managing Director of SREI Hemant Kanoria described the contract as the start of an intensive cooperation for the financing of infrastructure investments in India.

Emphasising the importance given 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, Mr Murach said " As a bank specialising in the financing of complex transport and infrastructure investments KFW IPEX Bank was a natural partner in this field".

" As part of KFW bank group we have been active in India for more than 40 years and can offer comprehensive and specific know-how", Mr Murach said adding that the bank now intended 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 and informed that KFW IPEX Bank would open a representative office in Mumbai for this purpose later this year. Curently KFW IPEX Bank maintains representative offices in New York, London, Moscow, Ankara, Beijing, Bangko, and Sao Paulo.

Also speaking on this occasion Mr Kanoria said they had been associated with the German Government institution DEG since 1995.

" They have been our partners investing both in the equity and debt of SREI. We are extremely glad to strengthen our relationship further with Germany through our new partnership with KFW IPEXBank, which is one of the largest German government owned financial institutions.

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.", Mr Kanoria said.

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