Srei Equipment Finance Limited (Srei Equipment), a wholly owned subsidiary of Srei Infrastructure Finance Limited (Srei), and Oriental Bank of Commerce on Monday announced a strategic alliance to offer loans for purchase of equipment under a co-lending arrangement.
iQuippo, a Kanoria Foundation initiative, would facilitate the sourcing of loans under this programme.
The partnership would allow Srei Equipment and Oriental Bank of Commerce to collaborate, co-operate and widen their respective markets and customer base. Financing of construction, mining and allied equipment (CME), medical equipment, commercial vehicles and farm equipment would be covered under this arrangement.
Sunil Kanoria, vice-chairman, Srei, said: “With a stable government in place, the infrastructure sector in India is expected to grow rapidly. Srei Equipment and Oriental Bank of Commerce’s combined experience and expertise in offering innovative financing solutions will help us in expanding our reach and create value for our customers.”
Devendra Kumar Vyas, CEO, Srei Equipment, said that while the bank would benefit from SREI Equipment’s domain expertise and stakeholder relationships in the equipment financing space, Oriental Bank’s support would help in strengthening SREI’s leadership position.