India's Srei Infrastructure Finance Ltd. and New Zealand's CBL Corp. Ltd. intend to set up a joint venture company offering surety and guarantee bonds in India.

Srei Infrastructure Finance said Oct. 11 that it signed a memorandum of understanding with the New Zealand-based insurer to form a 50:50 joint venture, which will offer performance guarantees and sureties via bonds to clients in India. The offering is expected to reduce working capital needs of the companies and facilitate them to complete projects without delays.