Srei, Vnesheconombank sign MOU; to create USD 200 mn for IT, Innovation

Srei Infra on Thursday announced signing of a Memorandum of Understanding (MOU) with Vnesheconombank to create a USD 200 million IT and Innovation Fund.

Being one of the largest integrated infrastructure institutions with around USD 5.5 billion of consolidated assets under its management, Srei has signed MoU with Vnesheconombank, which is a Russian state development institution which operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity.

The IT and Innovation Fund will promote Indian-Russian cooperation in the area of IT technologies and innovation. Srei and Vnesheconombank, through this Fund, will explore investment opportunities in technology companies in Russia, India and other selected regions.

"We are excited to partner Vnesheconombank in exploring investment opportunities in the area of technology and innovation," said chairman and managing director Srei, Hemant Kanoria.

Adding to this he said that the company will leverage the rich scientific heritage and growth potential of India and Russia.

"The Fund will serve as a two-way bridge between the Indian and Russian markets and create opportunities for India-Russia cross-border technology cooperation," added Kanoria.