L&T Infrastructure Finance Company is looking at raising funds through external commercial borrowings (ECB). The company, which has made equity investments only in a very limited manner, will not rule out more equity options though it will focus on debt investments while enlarge its scope of investments to seaports, airports, said Sumeet K Maheshwari, chief executive, L&T Infra.
Speaking to the FE on Monday, he said, ?We plan to raise around R7,500 crore this financial year and we have raised around 45% till date. We can raise up to R1,100 crore through tax-free bond issues and we have options to raise funds through ECB route too. While we have raised little less than Rs 90 crore through foreign currency we can raise up to R700 crore through ECB. We hope to go for it in tranches.?
The company may take up the ECB next quarter as the interest rates are high now and hardening a bit, he said, and added, ?We hope it will ease during next quarter and we will raise the necessary funds in one or two tranches.?
The company is not keen on or going for equity investments. ?However, we have made a beginning with three equity participation. We can invest upto 10% of assets and we reached 3% now. We have invested in a telecom broadband, renewable (hydel) and roads & construction projects,? Maheshwari said.
While ruling out an IPO at this point of time, Maheshwari said, ?We may look at investing into overseas infra projects after sometime with necessary permissions.?
According to him, apart from solar, hydel, renewable energies, telecom, roads & constructions, the company is also keen on investing in seaport and airport projects. The company expects to grow at 25% this year.