Srei Infrastructure Finance, BNP Paribas to infuse Rs 200 crore in JV

MUMBAI: Private sector lender Srei Infrastructure Finance (SIFL), which today posted a 68 percent decline in its net profit for the June quarter at Rs 17.42 cr, said it along with BNP Paribas will infuse up to Rs 200 crore into their equal joint venture Srei Equipment Finance (SEFPL).

The company had posted a net profit of Rs 54.6 crore in the same quarter last year.

Srei Equipment Finance is into equipment financing in the infrastructure, agriculture, medical, information and technology space.

"We are upbeat in the infrastructure space, despite various economic challenges, as it requires a consistent approach. BNP Paribas also sees opportunity in this sector and therefore both the shareholders are committing further equity investment of up to Rs 200 crore in their joint venture, thereby increasing the net worth to Rs 1,667 crore," Srei Infra Finance CMD Hemant Kanoria said.

Srei Infrastructure's total income for the quarter under consideration grew 49 percent at Rs 761.68 crore as against Rs 510.83 crore in the year-ago period.

During the quarter, the company suffered a notional forex loss of Rs 58.53 crore owing to the sharp depreciation of the rupee, the statement said.