In a unique auction of its kind, SREI Infrastructure Finance Ltd auctioned about 300 new infrastructure equipments worth Rs 100 crore (Rs 1 billion) in a single day under the Dutch Auction System wherein buyers had the choice to bid for interest rates as low as 5 per cent.

The auction of interest rates, called Paison Ki Nilami, was held the auction in Kolkata on November 27, and enthused with the huge response the company plans to take it to other Indian cities too.

Even as interest rates are on the rise, Paison Ki Nilami allows participants to bid for the lowest interest rates on finance of infrastructure equipment.

The Kolkata auction was so designed that the participants could bid on the ever-falling rate of interest, at which they intended to get their assets financed. The customers chose from a multitude of infrastructure equipments where the interest rates were gradually reduced from a peak of 9.99 per cent to a minimum of 3.69 per cent.

The equipment pool for Paison Ki Nilami comprised over 300 new assets and over 500 were booked. These included excavators, tippers, dumpers, loaders, transit mixers and compactors from leading manufacturers like Volvo, JCB, Ingersoll Rand, Tata Motors, Puzzolana and Indital Construction with guarantee from the original manufacturer at the best bargain price.

The Kolkata auction saw about 300 bidders participating, wherein 280 bidders were declared successful. The event also gave an opportunity to the number of select original equipment manufacturers to offer their goods to a big captive audience.

Commenting on the occasion, Hemant Kanoria, vice chairman and managing director, SREI Infrastructure Finance Ltd, said, "We are extremely  pleased to have witnessed such an overwhelming response with 300 bidders participating in 'Paison Ki Nilami wherein over Rs 100 crore of business was conducted. SREI is known for its innovation in the financial sector and this concept will herald a new beginning for customers to obtain equipment at competitive prices and lowest interest rates."

"The greatest satisfaction for us is that every customer participating in Paison ki Nilami was fully satisfied with the fact that he got the best holistic package deal possible. Given this overwhelming response, we would like to take Paison ki Nilami to other cities soon."