Srei Infrastructure launches 'Paison Kil Nilami' in Ahmedabad

Ahmedabad, May 26 (UNI) Srei Infrastructure Finance Ltd today announced 'Paison Ki Nilami 2007' here for acquiring infrastructure equipment through a unique auction of interest rates.

Addressing mediapersons here, Srei Infrastructure Finance executive director K K Mohanty said in the current environment of upward-moving rate of interest, 'Paison Ki Nilami' (PKN) allows the participants to bid for the lowest interest rates for loan/hire/purchase/lease/rent of infrastructure equipment.

The auction is so designed that the participants can bid on the ever-falling rate of interst, at which they intend to get their asset financed. The participating customers choose from a multitude of infrastructure equipment, where the interest rates are gradually reduced, he said.

For this purpose, the local branch office here has been upgraded, he said.

The auction process of interest rates will give a chance to a number of Original Equipment Manufacturers (OEMs) to offer their equipment to a vast captive audience, Mr Mohanty said.

The equipment pool for PKN comprises internationally acclaimed brands of excavators, tippers, dumpers, loaders, transit mixers and copactors from leading manufacturers like Greaves, Gujarat Apollo, JCB, Puzzolana and Volvo Equipment, with standard guarantee and warranty from them at their prices.

The auction will be the fifth of its kind the pilot event held in Kolkata in November 2004. This was followed by Bhubaneswar (February 2005), Hyderabad (August 2005) and New Delhi (February 2007), he said.

Srei commenced its operations in 1989 and is a leading private sector infrastructure equipment finance, project finance and renewable energy product financing company, Mr Mohanty said.

It is the first Indian infrastructure fiancing company to be listed on the London Stock Exchange, he added.

UNI