Norwegian Government Institution signs MoU for credit facility to Srei Equipment Finance
New Delhi, January 7, 2019: Srei Equipment Finance Limited ("Srei Equipment"), a wholly-owned subsidiary of Srei Infrastructure Finance Limited ("Srei"), today announced that it has signed a Memorandum of Understanding ("MoU") with Eksportkreditt Norge AS ("ECN"), a Norwegian state-owned provider of export credits, to facilitate financing of equipment import from Norway to India.
The MoU was signed at the India-Norway Business Summit 2019 in the presence of Hon'ble Prime Minister of Norway, Ms. Erna Solberg. The MoU will strengthen the relationship between India and Norway economically.
Commenting on the partnership, Mr. Hemant Kanoria, Chairman and Managing Director, Srei, said: "The partnership with ECN reinforces the trust of global development finance institutions in our business and strong customer relationships. The MoU will promote Norwegian capital goods and equipment manufacturers to grow their business in India. It will also provide financing and support co-operation between Indian enterprises and Norwegian capital goods manufacturers."
The MoU with ECN follows Srei Equipment's recently launched loan programme with The Nordic Investment Bank ("NIB") for financing acquisition or leasing of industrial equipment designed or produced in NIB's member countries.
About Srei Equipment Finance Limited ("Srei Equipment")
Srei Equipment Finance Limited ("Srei Equipment"), a wholly-owned subsidiary of Srei Infrastructure Finance Limited ("Srei"), is an industry leader in construction and mining equipment financing. The company enjoys a pan-India presence with 90 branches as on August 31, 2018. Srei Equipment has an experienced management team having significant expertise in the financial services sector.