Srei Infrastructure Finance Limited ('Srei"), Quippo Oil and Gas Infrastructure Limited ("Quippo") and JSC Rosgeo ("Rosgeo") today signed a Cooperation Agreement at the Eastern Economic Forum in the presence of Hon'ble Prime Minister of India, Shri. Narendra Modi, and Hon'ble President of Russia Mr. Vladimir Putin. The document was signed by Mr. Sunil Kanoria, Vice Chairman, Srei and Mr. Sergey ) Gorkov, General Director - Chairman of Rosgeo.
In accordance with the Agreement, the parties intend to develop cooperation in the fields of land and marine geophysical work in India (including seismic exploration in transit zones), airborne geophysical, gravity and magneto metric studies, drilling operations (including deep and super deep drilling) in both India and Russia, as well as design well construction and maintenance.
Rosgeo and Quippo also plan to develop cooperation in the field of comprehensive development services, intelligent drilling, supply of equipment for logging and directional drilling, as well as supply of Russian-made equipment for geological exploration for hydrocarbons and solid minerals in India. Rosgeo and Quippo intend to determine the initial projects as a part of joint work and develop specific cooperation mechanisms for each of them.
Commenting on the development, Mr. Sunil Kanoria said: "As one of India's largest diversified conglomerate we constantly explore new business opportunities and partnerships across the globe. We are confident that this partnership will create a win-win situation for the parties involved and will strengthen India-Russia trade relations further."
"The signing of the Agreement with Srei and Quippo reflects our commitment to the longterm strategy of Rosgeo, which implies a significant increase in revenue from international projects, also through new partnerships," said Mr. Sergey Gorkov. "I am confident that our cooperation with Srei and Quippo will be of a long-term and of mutually beneficial nature and will make a significant contribution to the development of trade and economic relations between Russia and India."
Shares of SREI INFRASTRUCTURE FINANCE LTD. was last trading in BSE at Rs.10.53 as compared to the previous close of Rs. 10.86. The total number of shares traded during the day was 5173 in over 40 trades.
The stock hit an intraday high of Rs. 10.8 and intraday low of 10.43. The net turnover during the day was Rs. 54744.