SREI Infrastructure Finance Ltd has informed that the joint venture between company and BNP Paribas Lease Group has started its operations from today.

SREI had entered into an agreement with BNP Paribas Lease Group, a 100% BNP Paribas subsidiary focused on equipment financing-related services, wherein the asset finance division of SREI is brought into the newly formed joint venture.

BNP Paribas Lease Group brings to the joint venture specialized equipment finance skills and experience combined with the global strength of BNP Paribas.

Furthermore, this partnership is also expected to result in a reduction in the cost of funding the operations. The JV has received all necessary legal and statutory clearances.

Kolkata-headquartered, SREI Infrastructure Finance Limited, a non-banking financial institution, provides infrastructure finance primarily in India. It operates in three divisions: Infrastructure Equipment Finance, Infrastructure Projects Finance, and Renewable Energy Product Finance.

The company has also plans to raise up to Rs 500 crore via debt to maintain 40% loan disbursement growth in 2008/09.

Srei Equipment Finance Ltd has registered a 100% increase in net profit at Rs 29.59 crore for the quarter to September 2007. Its sales increased by 57% to Rs 150.72 crore.