Srei Infrastructure Finance Ltd, one of the few pure-play private sector infrastructure finance companies in the country, is planning to re-enter the port sector this fiscal to grab opportunities in upgradation of existingports.
It would also begin oil and gas exploration in a block that the group, as part of a consortium, had won in the Nelp VII round in 2008.
“We have recently exited our investments in the port sector but this year we might invest in this sector again as lots of investment opportunities are likely to show up soon,” vice-chairman Sunil Kanoria told DNA.
Srei would be launching its much delayed overseas infrastructure fund for which road shows would start in July. “We would be visiting cities in the US, Europe also in the Middle East with our road shows and plan to mop up between $500 million and $1 billion depending on response of the investors,” Hemant
said.
Within the country, Srei would also explore issuing infrastructure bonds but only in the later part of the year.
“Infra bonds are not attractive to investors from the tax savings angle and we may look at this option but only after September,” Hemant said.
Last year Srei sold its stake in two under-construction ports — the Subarnarekha project in Orissa, being developed by Creative Port Development Ltd, and the Machilipatnam deep sea port in Andhra Pradesh, being built by a consortium led by erstwhile Maytas Infra
Ltd.
“Last week we were there with government officials who indicated us that the government is planning to invest about `12,000 crore in existing ports to have more berths and the tendering would happen this year, in which they want investment of private sector,” managing director Hemant Kanoria said.
Srei would also start this year oil exploration at the Cambay onshore block, CB-ONN-2005/11, in which the group owns 60% stake — 40% through Quippo Oil & Gas infrastructure Ltd and 20% through parent Srei Infrastructure Finance Ltd.
The balance is held by foreign partners like Quest Petroleum, Vectra Investment, and Primera Energy Resources.
“As per the development plan, the investment in the block would be about $15 million. We plan to start work as soon as we get the necessary approvals from the Gujarat government which is likely anytime this year,” Sunil said.
The much talked about initial public offering of Viom Networks, the joint venture between Tata Teleservices Ltd and the Kanoria family, may not happen this year considering current market conditions and slackness in the mobile telephony sector shaken by the 2G scam even as the mobile tower company actively looks for opportunities beyond borders in geographies such as Africa, Vietnam, Saudi Arabia and the Middle East.
Viom Networks, previously known as Quippo-WTTIL, was formed out of demerger of Tata Teleservices’ mobile tower infrastructure and currently has strength of 38,459 towers, making it India’s largest independent passive telecom infrastructure provider.
“The telecom tower infrastructure in India has stopped growing particularly in the rural areas even thought service quality is suffering. We see things happening in this sector including tower deals but not before 2013. We would be ready with the IPO, may be within a year and a year-and-a-half,” Sunil, who is also a director on the board of Viom, said.
Source: DNA India