Srei Infra, BNP Paribas approves further equity investment in SEF

KOLKATA: Srei Infrastructure and BNP Paribas have approved equity investment of up to Rs 200 crore in their joint venture company – Srei Equipment Finance (SEF). The move will enhance SEF’s net worth to Rs 1,667 crore.

Commenting on the move, Srei Infrastructure Finance chairman & managing director Hemant Kanoria said, “We are upbeat about the infrastructure space, despite the various economic challenges. BNP Paribas also sees opportunity in this sector and therefore both the shareholders are commit-ting further equity investment in their JV.”

Incidentally, Srei Equipment Finance with over 30% market share in in-frastructure and construction equipment financing sector reported a profit before tax (PBT) of Rs 100.62 crore for the first quarter ended June 30, 2012, compared to Rs 90.14 crore in the corresponding period last fiscal. Profit after tax (PAT) was also up at Rs 67.56 crore against Rs 59 crore during the same period last fiscal.