Under the new management of the state-owned National Asset Reconstruction Company Limited (NARCL), Srei Infrastructure Finance Limited (SIFL) on Tuesday announced the appointment of Hardayal Prasad as its new Managing Director and CEO. Prasad, with 36 years of experience, is a former Managing Director & CEO of SBI Cards & Payment Services Ltd and PNB Housing Finance Ltd, a company statement said.
The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei Equipment Finance Company till RBI superseded their boards over alleged mismanagement in October 2021 and subsequently initiated IBC proceedings.
However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.
Srei began its journey in 1989 as an asset financing NBFC, with Hemant Kanoria as the key face of SIFL.
According to the resolution plan, the new management will continue to grow SIFL, while it will wind up Srei Equipment once the company completes the recovery of its dues from the market.
A company statement said that under Prasad’s leadership, SIFL plans to re-enter the construction & mining equipment financing industry to cater to the needs of the segment.
“Srei had been a prominent contributor to the Construction & Mining Equipment (CME) financing space. Now, with the completion of the resolution process, we are confident of re-establishing SIFL as a significant contributor in the industry and enabling customers with financing solutions across the life cycle of the Construction & Mining Equipment in the near future,” said the SIFL MD & CEO.
