Having received approval from the Sebi for setting up an infra debt fund (IDF) through the mutual fund route, Srei Infrastructure Finance would begin the process now and hopes to launch it in January 2013.
This information was given by Hemant Kanoria, Chairman and Managing Director of Srei to a leading media agency.
In order to attract long-term savings into the infrastructure sector, the government allowed financial institutions to float IDFs through the mutual fund route or structure it as an NBFC.
The Kolkata-based non-banking finance company, however, declined to divulge how much it is planning to raise through this route. Kanoria is learnt to have said that this would be finalised later.
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, Kanoria is quoted as saying.
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.
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