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Mohan Padmanabhan

The unique format of asset disposal would be attractive to FIs, banks, government bodies, and companies both in the private and public sectors.

Kolkata , April 23

SREI Infrastructure Finance Ltd, through its group outfit Indian Infrastructure Equipment Ltd (IIEL), (popularly known as Quipo), has formed a 50:50 service-oriented joint venture with GoIndustry Henry Butcher, a division of the 125-year old GoIndustry Group of UK.

The group is counted among the largest industrial asset management companies in the world, covering Asia Pacific, Africa, Europe and the Americas.

Talking to Business Line here on the tie-up, Mr Sunil Kanoria, Chairman and Managing Director, IIEL, said the objective was to bring global infrastructure and industrial assets auction and valuation services to India. The global player brings industrial equipment disposal and consultancy services to all industrial sectors with a high degree of professionalism and quality of personal service, he pointed out.

The joint venture will operate under the name of `Henry Butcher International Valuers and Auctioneers Pvt Ltd,' under the IIEL umbrella, and will be headquartered in Delhi. He said the venture will provide international standard local service in respect of assets valuation and disposable services, and will be working closely with IIEL. He informed that the UK Group has had good exposure in Asia as well, particularly in the banking sector.

Describing the alliance as the first ever attempt at organised auctioning of infrastructure and industrial assets in India, Mr Kanoria said the unique format of asset disposal would be attractive to FIs, banks, government bodies, and companies both in the private and public sectors.

He said this would prove to be the most rapid and cost-effective method for transforming assets into cash, in line with Government policy for securitisation and reconstruction of financial assets.

"The new entity can be a catalyst for realising cash out of non-performing assets, and will bring immense benefit to various asset reconstruction companies."

According to the Quipo MD, the objective of maximising realisation for the customer's assets would be achieved through a number of safe methodologies, including the revolutionary technology of "Online Auction" with `GoWebcast.'

He said the unique technology would bring bidders across the world into the traditional auction over the Internet and allow complete transparency in the transaction, helping the seller to know exactly for how much and to whom the asset was sold. The GoIndustry Henry Butcher Group will offer auction, asset disposal and valuation services to companies and financial institutions in India which can benefit from selling their surplus equipment through both their local and international network.

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