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Kolkata-based infrastructure financier, Srei Infrastructure Finance, is looking at a growth rate of about 10 per cent in disbursements next year reflecting hope of a moderate pick-up in infrastructure activity.
Sunil Kanoria, Vice-Chairman of Srei Infrastructure Finance, said: “In terms of disbursements, I see growth of 10-15 per cent in the next financial year, unless things change drastically.”
Growth for the sector will remain moderate for at least a year, as policy decisions will take time to translate on the ground, he added. “Bullishness is only in the mind, not (yet) in hand…now hope has come, this hope will hopefully turn into action,” he added.
The company, he said, is not looking to raise fresh capital but will increase the capital by selling off existing assets.
Divestment candidateThe first asset to be put on the block will be the long-pending divestment in telecom tower company Viom Networks, in which Srei Infra might sell a part or its entire stake by early next year.
“We have started the process and appointed banks for the stake sale…there is a lot of investor interest in Viom,” he added, but refused to comment on the amount the company plans to raise from the sale.
He indicated a broad range of $200-400 million based on market valuations and the amount of stake divested.
He said that the stake sale could be done through an IPO (initial public offering) of Viom shares or through a strategic sale.
Kanoria also added that the company has exited some road projects and will exit from more in the days ahead.
He said that the company has stakes in five operational road projects, as on date.
Non-performing assetsOn the non-performing assets situation, Kanoria, who is also the President-elect of Assocham, added, “I would say it would take another two quarters (for asset quality to improve). This 5/25 scheme (of restructuring) will ease a lot of pain.”
In a departure from his earlier views, Kanoria said that he does not see a major impact of the tighter asset classification norms.
“I do not see a major impact there. In our equipment finance business, we are already following 90-days. In our infra finance business, we are following 180-days.
“The 5/25 scheme will partly soothe the pain that will come from the proposed asset classification norms,” he added.
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