EBRD to pick up stake in SREI's Russian unit

New Delhi, Jan 15: The European Bank for Reconstruction and Development (EBRD), an international financial institution, will take an equity stake in SREI Infrastructure Finance Ltd's Russian unit, SREI Russia, and extend credit lines for its business.

This would help SREI's growing involvement in the construction equipment leasing sector in Russia, it said in a statement issued here today.

It did not disclose any financial details of the deal.

The company had entered the Russian market in the second half of 2005. It recently diversified into the growing oil and gas sector by structuring and financing work-over rigs which will be deployed in West Siberia.

SREI said its immediate plan was to extend presence from the capital Moscow to St Petersburg and other regions in Russia.

This is the first direct project of the EBRD with an Indian company.

UNI