Unity Infra to raise Rs 175 cr, diluting stakes in two SPVs
Press Trust of India / New Delhi Feb 12, 2012, 12:17 IST
Unity Infraprojects today said it has initiated discussions with some private equity firms for raising up to Rs 175 crore under two special purpose vehicles (SPVs) and hopes deals to be through in three months from now.
"We are in talks with a couple of private equity firms for raising Rs 175 crore under two SPVs at the project level. I hope to finalise the deals in 2-3 months," Unity Infraprojects Chief Financial Officer Madhav Nadkarni told PTI.
Nadkarni said the company has identified one real estate and a transportation project in which it would dilute stake to private equity firms, but did not identify the projects.
"We have signed the non-disclosure agreement and hence, I will not be able to disclose the identity of the projects and the private equity firms," he said.
Unity Infraprojects' order book currently stands at over Rs 4,400 crore and Nadkarni hopes this should go up to anything between Rs 4,500 - Rs 5,000 crore by the end of the current quarter.
"We are L1 (among the lowest) bidder for projects worth Rs 950 crore now. This should expand our current order-book to between Rs 4,500 - Rs 5,000 crore by the end of the current fiscal," he said.
However, he said that Unity Infraprojects does not need to raise resources at the company level for funding the execution of the projects.
To expand its presence, Unity Infraprojects is now looking to enter into Sri Lanka and South Africa with some projects and hopes that in next 2-3 years, a good part of the company's revenue would come from overseas, Nadkarni said.
Unity Infraprojects had recorded Rs 1,704 crore revenue in 2010-11 fiscal.
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