Srei Equipment Finance, an arm of Kolkata-based Srei Infrastructure Finance (Srei), on Monday teamed up with Eksportkreditt Norge AS (ECN), a Norwegian state-owned provider of export credits, to facilitate financing of equipment import from Norway to India. The memorandum of understanding between the two companies was signed at the India-Norway Business Summit 2019, in the presence of the prime minister of Norway, Erna Solberg.
“Our 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,” said Hemant Kanoria, chairman and managing director, Srei.
The MoU with ECN has come close on the heels of Srei Equipment rolling out a loan programme with The Nordic Investment Bank (NIB) for financing acquisition or leasing of industrial equipment designed or produced in NIB’s member countries. NIB is an international financial institution owned by eight member countries — Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The loan programme with NIB totals 20 million euros and has a maturity of eight years.
The funds from the programme will be used to finance acquisitions and leasing of industrial equipment. This loan facility is expected to enable original equipment manufacturers and customers of the Nordic region to understand the thriving opportunities in the Indian construction equipment market through Srei.