Summary of Proposed Investment
Project Number
8057
Company Name
SREI INTERNATIONAL LIMITED
Date SPI Disclosed
Apr 23, 1997
Country
India
Industry
Financial Markets
Status
Completed
Sector
Leasing Services
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 12, 1997
Signed : Jul 25, 1997
Invested : Aug 19, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | India-SREI |
| Region | Asia |
| Sector |
Projected Board DateMay 22, 1997
Company NameSREI International Finance Limited
Technical Partner and/or Major Shareholders
Kanoria family
Project Cost Including proposed IFC investment
IFC Loan: US$15 million; IFC equity: US$3 million
Location of project and Description of site
Calcutta
Description of Company and Purpose of Project
The project consists of a US$15 million credit line to SREI (the Facility) which would be used to fund long-term leases or loans involving small and medium scale infrastructure projects in India. IFC is also considering an equity investment (US$3 million) in the Company. The Facility would be an effective way of channeling long-term funds to financially and economically viable infrastructure projects which are too small for IFC to finance directly, through a financial intermediary with a proven track record and a strong local presence. A major constraint to private infrastructure investments in India has been the lack of necessary market mechanisms to provide funds in terms of maturity, structure, and volume required. This is true not only of the larger infrastructure projects, but also small to medium sized projects which are wholly dependent on local financial institutions for financing. SREI has been engaged in financing a variety of infrastructure assets, particularly in the small to medium sized sector, and is committed to supporting the future development of the infrastructure sector.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. SREI will be required to undertake an environmental review of eligible borrower’s environmental performance and each sub-project’s compliance with applicable host country environmental, health and safety laws, regulations and standards as well as applicable World Bank policies and guidelines. IFC’s Environment Division will review and clear Category A sub-projects.
| Date SPI sent to PIC: April 23, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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