SREI raises $45 million debt FMO

Chennai: The Netherlands Development Finance Company (FMO) will provide a long-term syndicated loan of $45 million (Rs210 crore) to SREI Infrastructure Finance Limited. The latter is engaged in funding infrastructure equipment, infrastructure project and renewable energy projects. FMO has been stakeholder of SREI since the last ten years and over the years the relationship has strengthened. This is one of the large investment commitments by FMO in India.

As lender of record FMO expands SREI''s funding basis by attracting long-term investors, namely Fortis Bank, Belgium, and Cordiant Bank, Canada, in the syndicate. Furthermore FMO supports SREI on environmental and social reporting issues. According to Hemant Kanoria, vice chairman and managing director, SREI, "The present commitment from FMO will definitely strengthen our relationship further. This amount will also provide us with the funds to extend assistance to small and medium enterprises involved in the infrastructure sector in India."