Bank of Baroda, Srei Equipment Finance tie up for infra equipment loans

20 Apr 2019

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Bank of Baroda, Srei Equipment Finance tie up for infra equipment loans

  • The tie-up will allow Bank of Baroda and Srei Equipment Finance to collaborate and widen their respective customer base
  • The firms will use Srei Infrastructure Finance's iQuippo platform disbursal of infrastructure equipment loans

Mumbai: Srei Equipment Finance Ltd (SEFL) and India’s second largest state-run lender Bank of Baroda have entered into a co-lending arrangement for infrastructure equipment, the companies said in a joint statement on Thursday. The partnership will allow Kolkata-based Srei Infrastructure Finance Ltd’s equipment finance arm and Bank of Baroda to collaborate and widen their respective customer base.

As part of the arrangement, the companies will use iQuippo, a digital marketplace for origination of loans, collection of loan dues, and auction and valuation of equipment.

Srei, owned by the Kanoria family, launched the iQuippo platform in 2016 to consolidate and digitalize the fragmented infrastructure equipment industry.

With more than 70,000 customers and over $400 million of loans disbursed through iQuippo, SEFL and Bank of Baroda will jointly offer loans and other services for construction and mining equipment, tippers, IT and allied equipment, medical and allied equipment, besides farm equipment.

Sunil Kanoria, vice-chairman, Srei, said: “Bank of Baroda has a strong track record, brand appeal and experience in customer services, which will be complemented by Srei’s knowledge, experience and strong partnerships in the equipment finance space.

The alliance will create value for both businesses and customers, and continue our leadership position in the equipment financing business," he added. In February, SEFL had also agreed to co-lend with Syndicate Bank, under the Reserve Bank of India’s circular dated 21 September 2018, which permits banks to engage with non-banking financial companies (NBFCs) to co-lend for priority sector assets.

Srei’s equipment finance business funds the purchase of new and used equipment for construction, mining and allied equipment, which includes equipment used for earthmoving and mining, concreting, road building, material handling and processing.

About Bank of Baroda Bank of Baroda

(“The Bank”) established on 20th July 1908 is a State-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.

Bank of Baroda is India’s leading public sector bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 8,200+ branches, 10,000+ ATMs, 1,200+ self-service e-lobbies and 20,000 Business Correspondents. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. IndiaFirst Life Insurance Company Limited and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

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