Srei Infrastructure Finance Ltd., plans to use its proposed $200 million IT and Innovation Fund for promoting collaboration between India and Russia in the field of artificial intelligence, 3D, printing, and robotics among other areas, company chairman Hemant Kanoria said.
Mr. Kanoria said that this was the first such fund in the IT arena between India and Russia. “Both Russia and India has tremendous human capital which can now be accessed with the help of this fund,” he said, adding that the fund will serve as a two-way bridge between the Indian and Russian markets, creating opportunities for India-Russia cross border technology cooperation.
“We are in a position to hone on the skills of the IT professional and innovators in each of the countries.. the agreement was sealed in 16 hours.. it was that spontaneous, fast and natural . India and Russia have been in alliance since long....this will throw up opportunities in this particular sector”, he told The Hindu .
Srei announced last week that it has signed with Vnesheconombank, an IT and Innovation Fund to promote Indo-Russian co operation in the area of IT technologies and innovation.
According to the company, the two entities would also explore through this fund, investment opportunities in technology companies in India, Russia and other selected regions. Vneseconombank is a Russian state development institution which works towards enhancement of the competitiveness and diversity of the Russian economy , while stimulating investment.
“We have identified an opportunity and we have signed a MoU.. now we have to make things work.. we have already put our team to it. Our asset management company, Srei rative Alternative Investment Manager Ltd., will be the vehicle through which we will create the fund and check whether it should be in India or any other third country,” Mr. Kanoria said.
He said locating the fund in a third country may help in taking advantage of tax-breaks available there or if another country gets interested to join the fund.
Srei is among India’s largest integrated infrastructure institutions with around $ 5.5 billion consolidated assets under management. Its businesses include infrastructure finance, advisory and development and infrastructure equipment finance.
