Shriram Finance gets $100 mn funding from ADB for inclusive financing
Summary
Shriram (SFL), Indias largest retail and a part of the Shriram Group, has secured a long-term funding of $100 million from the (ADB).The five-year external commercial borrowing (ECB) loan is under SFLs social framework. The fund will enable SFL to provide credit for the purchase of new and used vehicles throughout India. Proceeds from ADB can be used to the purchase of BS VI compliant and electric vehicles, specifically by women entrepreneurs, cater to under-developed states of the country, and improve the status of underserved communities in India.SFL has also raised $250 million from the US Development Finance Corporation and $475 million through a 144A Bond from the international market in 2022, diversifying its funding profile and continuing its objectives for financial inclusion.SFLs success in securing international funding from ADB, a regional development bank, is an enhancement to our strength and stability. We will finance the buying of vehicles and equipment in new and untapped markets to provide business opportunities and generate employment. This would empower more communities in semi urban and rural areas to optimize their income and to have a better quality of life, said Umesh Revankar, executive vice chairman, Shriram Finance.SFLs success in securing international funding from ADB, a regional development bank, is an enhancement to our strength and stability.