Comments
Essel Infraprojects Limited is gearing up to file for draft red herring prospectus (DHRP) with SEBI by the end of this year to enter the capital market with an initial public offer.
Part of the diversified Subhash Chandra-headed Essel Group, with a portfolio of 16 road projects, six of them under construction now, is looking at raising funds to fuel its growth plans, according to Ashok Agarwal, Chief Executive Officer of Essel Infraprojects.
When contacted about the proposed moves, he said, “This is under active consideration and once we received necessary clearances after filing the DHRP, we would be able to tap the market when the market conditions are right. The details of the size are being discussed internally,” he told Business Line.
He said the company was also open to acquiring distressed assets and was scouting for right fit.
Smart cities initiative
Earlier in the day, Essel Group signed an agreement with Confederation of Indian Industry to form the India Technical Consortium for smart city projects in India.
The India Technical Consortium would be set up under the CII National Mission on Smart Cities. The MoU was signed here by CII Director General Chandrajit Bannerjee and Amit Goenka, Director Essel Infraprojects Ltd.
As per the agreement, they would work towards associating and bringing other technology and infrastructure solution partners together as a cohesive group for developing smart cities in India.
The Essel group will support the CII National Mission on Smart Cities by providing necessary inputs for generating ideas for policy advocacy and promotion of smart city concepts amongst stakeholders.
Ashok Agarwal, CEO Essel Infraprojects, “Essel Group will closely collaborate with CII in realizing India’s Smart City mission by bringing together the best technological and solution partners into a single cohesive Smart City team.”
Essel Group in the statement mentioned that it plans to invest over $2 billion over the next 3 years in transforming major cities across India.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.