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Thursday, Feb 03, 2005

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IIEL ties up with Henry Butcher

Our Bureau

New Delhi , Feb. 2

SREI Infrastructure Finance Ltd-sponsored Indian Infrastructure Equipment Ltd (IIEL) has signed an agreement here for a strategic joint venture with GoIndustry Henry Butcher to provide infrastructure and industrial asset auction and valuation services in the country.

The joint venture christened Henry Butcher International Valuers and Auctioners Pvt Ltd proclaims to be the country's first ever auctioning of infrastructure and industrial assets.

This unique format of asset disposal will be attractive to financial institutions, banks, Government bodies and companies in the private and public sectors whose primary objective is to obtain the highest realisation for their assets.

"It will prove to be the most rapid and cost-effective manner to transform assets into cash in line with the Government policy for securitisation and reconstruction of financial assets," Mr Sunil Kanoria, Chairman and Managing Director, IIEL, said at a press conference here.

The new entity could work as a catalyst for realising cash out of non-performing assets, providing benefits to asset reconstruction companies. The agreement was signed between Mr John Allbrook, Chief Executive Officer, GoIndustry Group, and Mr Kanoria.

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