L&T Infra Fin eyes disbursal of up to Rs 5,500 cr in FY11

Engineering conglomerate L&T's NBFC subsidiary, L&T Infrastructure Finance, today said it is targeting the disbursement of Rs 5,000-5,500 crore worth of loans in the current fiscal.

"We plan to disburse around Rs 5,000-5,500 crore in the current fiscal," L&T Infrastructure Finance Chief Executive Suneet Maheshwari told reporters on the sidelines of a banking conference here.

Maheshwari said L&T's financial services arm is keen to enter into the banking sector and the company will submit its views to the central bank by the end of this month.

"We will submit our view to the Reserve Bank by this month-end," he said.

In early August, the Reserve Bank had put up a discussion paper seeking suggestions by September 30 for allowing local industrial and business houses to enter the banking sector.

The decision was in line with the 2010-11 Budget, which said that to further the financial inclusion process, new banking licences would be granted.

Last month, L&T Chairman and Managing Director Anil M Naik said the conglomerate plans to foray into the banking sector and is waiting for policy clarity from the regulator.

"We are keen on entering the banking space and are awaiting policy clarity from the regulator," Naik had said.

Maheshwari said the company plans to raise an infra bond and will take a decision by the end of this month.

"We plan to raise some amount through an infra bond and will take a decision on it by the end of this month," he said.