BNP Paribas invests Rs 570cr in India ops

BNP Paribas, a major European banking group, has infused 100 million euros (about Rs 570 crore) by way of fresh equity in its Indian operations.

The fresh equity infusion was made in the last quarter of 2007 taking its capital base in India to Rs 1,600 crore, a bank release said today.

"With this enhanced capital base, we will be able to offer enhanced credit limits to our clients for borrowing in local currency, which is critical in view of the curbs RBI has imposed on ECBs," BNP Paribas India chief executive and country head Frederic Amoudru said.

"It will also enable us to become more active in local currency project financing - an area we had avoided so far on lack of sufficient local capital base," he added.