Leading Indian rental company Quipo opened its largest branch last week in Neemrana, Rajasthan, India, and announced plans to open eight more rental locations in India during the next year.
Chairman and managing director Sunil Kanoria added that the company, based in Hyderabad, India, also has ambitious plans to establish rental operations in the Middle East and Africa, “where there is a huge potential for the equipment rental business.” However, Kanoria said such plans were still not definitive. He said with increased investments and operations, Quipo will nearly triple its employee headcount from the current 1,056 to 3,000 within three years.
“Neemrana is one of the fastest-growing industrial [areas] in north India and we have chosen the place for its strategic location,” Kanoria said at the opening of the new branch last week. “This will help strengthen the infrastructure backbone of Delhi, Rajasthan and adjoining areas.”
Quipo already has equipment rental branches in Gurgaon, Ahmedabad, Mumbal and Hyderabad.
The company is sponsored by its parent company Srei Infrastructure Finance Ltd., and is also known as India Infrastructure Equipment Limited. The investments are being structured in a 3:1 debt-equity ratio, and the company has considerable capital lined up with financial institutions.
