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| Srei Equipment Fin to invest Rs 1000 crore |
| BS Reporter / Chennai/ Hyderabad Jun 17, 2009, 00:50 IST |
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Kolkata-based Srei Equipment Finance Limited would add infrastructure equipment worth about Rs 1,000 crore to strengthen its equipment leasing operations, which contribute about 60 per cent to its revenues, according chief executive officer DK Vyas.
The company had seen a slump of about 60 per cent in the equipment leasing and financing operation from October last year to March this year, he said, adding there were signs of revival now across the sectors.
“Equipment manufacturers have started seeing an increased demand,” he said. The equipment market in the country is estimated to be Rs 20,000 crore.
Srei has also set a target to disburse about Rs 6,500 crore as loans for financing the sale of machinery and equipment this financial year. It is reaching out to customers in nine regions across the country. In Andhra Pradesh, where it held road shows, about 500 customers approached the company in the last five days. The company is hopeful of converting 60 per cent of them into business.
He said they were expecting to close deals to the tune of Rs 3,000 crore across the country, a bulk of which would be done after rainy season.
Roads and BOT projects, urban development, mining, railways and power sectors will be the major drivers of growth this year. Real estate and iron ore sectors were the main growth engines last year.
The company has about 33 per cent market share in equipment financing.
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