Srei Infrastructure Finance Ltd. plans to stop financing Indian infrastructure projects after three decades in the business, as a slowing economy and crisis in the shadow bank sector dries up funding lines.
The International Finance Corp.-backed firm will instead focus solely on financing purchases and leasing of equipment, Vice Chairman Sunil Kanoria said in an interview in his Kolkata office. Srei has tied up with eight banks that will fund 80% of each project while Srei will finance 20%, reducing Srei’s need for capital.
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