Srei Infra-UCO Bank inks JV to fund construction equipment

joint venture program
A wholly-owned subsidiary of Srei Infrastructure Finance Limited (Srei) and UCO Bank, a premier public sector bank, have announced a strategic alliance to fiancé the purchase of construction and mining, farm and medical equipment under a co-lending arrangement. iQuippo, a Kanoria Foundation initiative, will facilitate sourcing of loans under the joint venture program. The partnership will allow Srei Equipment and UCO Bank to collaborate, co-operate and widen their respective markets and customer base. The alliance will also allow both lenders to leverage each other's customers and cross-sell their products. The lenders will use the iQuippo platform, a unique digital market place with more than 90,000 registered users, for loan origination and sourcing of prospective borrowers and electronic auction of equipment as and when required.

Commenting on the partnership, Sunil Kanoria, Vice Chairman, Srei, said, "UCO Bank's strong track record and wide reach, especially in eastern India, makes us confident about the success of this program. The combined strength of Srei Equipment, UCO Bank and iQuippo will provide the necessary boost to demand for infrastructure equipment and create a win-win situation for all the partners and customers. The strategic alliance will also help in fulfilling the government's vision of making credit available to MSMEs and retail customers in the infrastructure space at an affordable cost."

Kumar Goel, MD & CEO, UCO Bank, said that his bank will play a key role in increasing funding to MSMEs through this partnership which will boost credit availability to larger spectrum of MSMEs, which contribute significantly to the GDP and generate large scale employment. The pan India reach of UCO Bank leveraged with Srei's expertise in equipment financing will give easy access to low cost of funds to MSMEs, especially in hard-to-reach markets in tier II and III cities. This will boost the Bank's lending profile in the priority sector. While we increase the lending, we would also be ensuring quality credit underwriting through this model."

Ajay Vyas, Executive Director, UCO Bank, commented, "RBI's initiative of co-origination is beneficial to all the stakeholders. Fresh credit flow will help the NBFCs and catalyze the growth of MSME sector, which is the backbone of our economy. The digitized co-lending process through iQuippo portal will facilitate speedy disbursal of credit to MSMEs and help us increase our customer base at a lower cost." CEO, iQuippo, Anant Raj Kanoria, CEO, iQuippo, said that iQuippo's state-of-the art platform, designed together with IBM, is India's first platform to digitize the co-lending process. "We are excited to add UCO Bank to our growing list of financial service partners. We will assist the bank in expanding its reach into the MSME space and especially in the construction and mining equipment sector."

Amit Gossain takes over Chairmanship of FINCHAM

The Finland Chamber of Commerce in India (FINCHAM India) has elevated Amit Gossain, Managing Director, KONE Elevator India, as the Chairperson, from his previously held position as Vice Chairperson of the body, which he took over from Read More ...

Trimble Extends Additional Support to Tekla Customers

A vast majority of users of Tekla Structures, Trimble’s flagship construction BIM software, are working from home on account of nationwide lockdown announced in India. To facilitate uninterrupted work, Trimble has widened the Read More ...

Ardent Infra completes BVEPL NH project before schedule

Ardent Infra Equipments Pvt Ltd (AIEPL) has collaborated with Kolkata-based Bharat Vanijya Eastern Pvt Ltd (BVEPL), which has won the prestigious contract for the 4 laning of the Ranchi-Jamshedpur project. This much-awaited highway Read More ...

Dhruv Consultancy-led consortium wins road contract

In a recent development in the NCR region, Dhruv Consultancy Services with Centro De Estudios De Materials Y Control De Obra SA in association with G-Eng Advisory Services has received the Letter of Award for Independent Engineer Read More ...

Tier-II & III cities outpace metros in housing demand

Tier II & III cities are contributing more to the housing demand as compared to metropolitan regions across the country. Smaller cities have recorded better home loan offtake, beating the share of the metro by a significant Read More ...

Bihar approves new alignment for Patna metro

The Delhi Metro Rail Corporation (DMRC) has carried out extensive changes in the alignments of Patna Metro Rail corridors (PMRC); now, the metro stations will be developed in Ramakrishna Nagar, Khemnikchak along with Jaganpura Read More ...

CNH Industrial appoints Suzanne Heywood as officiating CEO

The Board of CNH Industrial has appointed Suzanne Heywood as Acting Chief Executive Officer, in addition to her role as Chair of the Board, to lead the business through this current unprecedented period and until a new permanent Read More ...

SEZ developers get easier compliance norms

The Union government has relaxed the compliance norms for developers and co-developers of special economic zones (SEZs) due to the countrywide lockdown. The easier compliances include the requirement to file quarterly progress Read More ...

Chennai Port seals ₹2,380-cr Kamarajar port deal

The Chennai Port Trust has completed Kamarajar Port acquisition deal involving an investment of ₹2,380 crore. In the Union government's negotiated deal, the state-owned Chennai Port Trust bought 67 percent stake in Kamarajar Port Read More ...

Maharashtra plans marine highway worth ₹3,500-cr

The Maharashtra government has allocated ₹3,500 crore to develop the existing single-lane state highway (MSH4) into a concrete two-lane marine highway on the lines of the US pacific coast highway. After commissioning of Read More ...

NCRTC plans commercial hub at Hindon in Ghaziabad

The NCRTC has planned a major commercial centre at Hindon Motel, adjacent to Shaheed Sthal Metro station housing a multi-storey commercial complex and the RRTS station, which will have four entry and exit gates. There are three Read More ...

Gift City gets 11 investment approvals in Gujarat

As many as 11 entities secured approvals to set up units in the special economic zone (SEZ) at Gujarat International Finance-Tec City (GIFT City) in Gandhinagar. GIFT SEZ development commissioner, A K Choudhary, said that Read More ...

Kerala fast tracks ROBs & road bypass projects

The Kerala government has speeded up construction of 6.8-km two-lane long approach road, road over bridges (ROBs), and development of Kalarcode and Kommady junctions, which are part of the Alappuzha bypass project, informed state Read More ...

Haryana approves ₹779-cr infra projects in NCR

Haryana government has given in-principle approval to three integrated projects worth ₹779 crore in the NCR; these will ensure hassle free traffic flow on the Rajiv Chowk, Signature Tower and IFFCO Chowk junctions in Gurgaon Read More ...

CREDAI bets big on the on-going festivities

In the midst of coronavirus, which has played spoilsport for realtors expecting to clear stocks, the real estate industry is now upbeat on the on-going festive season whuch will give an impetus to demand for residential and Read More ...

Cabinet clears ₹1,285-cr Aligarh-Harduaganj flyover

In a major infrastructure boost for the Indian Railways in the North Central zone, the CCEA chaired by PM has approved construction of the Aligarh-Harduaganj 22 km long flyover at an investment of ₹1,285 crore Read More ...
NBM&CW

New Building Material & Construction World

New Building Material & Construction World
MGS Architecture

Modern Green Structures & Architecture

Modern Green Structures & Architecture
L&ST

Lifting & Specialized Transport

Lifting & Specialized Transport
II&TW

Indian Infrastructure & Tenders Week

Indian Infrastructure & Tenders Week