By IANS,
Kolkata : City-based non-banking financial company Srei Equipment Finance hopes its loan disbursement would grow to Rs.7,500 crore this fiscal from Rs.5,500 crore in 2008-09 as the construction equipment industry is picking up.
“We are targeting Rs.7,500 crore disbursement in the current year. Till September we have disbursed Rs.3,000-3,500 crore. Last year we disbursed Rs.5,500 crore,” D.K. Vyas, chief executive of the company, told reporters here on the sidelines of a seminar.
Srei Equipment Finance, a 50:50 joint venture between Srei Infrastructure Finance and BNP Paribas Lease Group of France, is mainly lending to the construction equipment sector.
“Things are looking positive. Demand is picking up. Sales of excavators have gone up from 400 to 700 now per month,” Vyas said.
From January 2010 onwards equipment sales market will start growing and by March-end there will be 15-20 percent growth compared to last year.
“The key growth drivers in the present market for equipment sales are mining, road, irrigation and urban development,” said Vyas.
He expects 2010-11 to be “a real good year”.