Srei likely to float infra debt fund by January

Tags: Debt, Srei, Companies
Kolkata-based non-banking finance company Srei Infrastructure Finance is hoping to launch its first scheme under the infra debt fund (IDF) structure by January, 2013.

"We have just received the approval from Sebi for launching an IDF through the mutual fund route. We will start the process now and are hopeful of launching the scheme in January," Srei Chairman and Managing Director Hemant Kanoria told PTI over phone from Kolkata today.

He, however, said it is difficult to say how much the company is planning to raise through this route.

"It's still early days. We have just received the approvals. These things will be finalised later," Kanoria said, adding he is expecting "sound" response to the fund.

"IDF is required as the country is set to invest huge amounts into the infra sector and banks are close to hit their infra exposure limit. So, the IDF should get sound response from investors."

The government has allowed financial institutions to float IDFs through the mutual fund route or structure it as an NBFC to attract long-term savings into the infrastructure sector.

The government has estimated that a whopping $1 trillion will be required during the next five years for developing the country's infrastructure.

Srei Infrastructure reported an over five-fold growth in net profit at Rs 130.20 crore in the second quarter ended September 30, while its consolidated income grew 34 per cent at Rs 788 crore from Rs 588 crore in the same period of the previous fiscal.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Need to rein in profligate promoters in low margin airline business

    With the media and industry searchlight trained hard on SpiceJet, it is easy to forget that it may be, at worst, a symptom, not the real malaise itsel

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture