NIB and Srei Equipment Finance launch lending and leasing facility in India
Hyderabad, November 27, 2018: The Nordic Investment Bank ("NIB") and Srei Equipment Finance Limited ("SEFL"), a leader in construction and mining equipment financing in India, have agreed on a loan programme for financing the acquisition or leasing of industrial equipment designed or produced in the NIB's member countries.
The new loan programme totals EUR 20 million and has a maturity of eight years. The funds from the programme will be used to finance acquisitions and leasing of industrial equipment designed or supplied by equipment manufacturers in NIB's member countries to Indian enterprises.
Commenting on the programme, Mr. Devendra Kumar Vyas, CEO, Srei Equipment Finance Limited said: "Being facilitated by NIB befits our core business model of deriving differentiation from strong OEM, customer and stakeholder relationships. This facility would enable OEMs and customers of the Nordic region to understand the thriving opportunities in the Indian construction equipment market, through Srei, and participate in the growth story. For us, it is a win-win situation and we stand committed with NIB to accomplish our common objectives."
"The construction sector in India has been experiencing significant growth over the past few years, and with it, the demand for equipment leasing has gone up. The loan facility agreed by SEFL and NIB will provide financing and support cooperation between Indian enterprises and Nordic equipment manufacturers," said Mr. Henrik Normann, NIB President and CEO.