Essel Infraprojects to file documents for IPO this fiscal

Essel Infraprojects Ltd, a Subhash Chandra Goel-led Essel Group company, may file a Draft Red Herring Prospectus (DRHP) with market regulator SEBI by the end of the fiscal to raise funds though Initial Public Offer route, a top company executive said here today.

Essel Infraprojects CEO Ashok Agarwal said that two of the six road projects currently under development may become operational by the end of the year and that currently, the company has ten road projects under operation.

"We have not yet filed the Draft RHP. We intend to file it by the end of this year," Agarwal told PTI on the sidelines of a Confederation of Indian Industry (CII) event.

Meanwhile, the group signed an MoU with the CII today to form an 'Indian Technical Consortium' to be set up under the CII National Mission on Smart Cities.

"Once the DRHP is filed, we have to look at market conditions and we are still discussing the quantum of funds to be raised though the IPO," he said, when asked about the size of the IPO and timeline to launch it.

He said that the company has signed an MoU with the CII to be a part of a working committee led by IL&FS Chairman Ravi Parthasarathy.

The committee has been given mandate to build five smart cities as part of a pilot programme.

As per the MoU, both the organisations will work towards associating and bringing other technology as well as infrastructure solution partners together as a cohesive group to develop smart cities in India.

"The 70-km Ludhiana-Talwandi road will be operational by November 2015 and the 130-km Gwalior-Shivpuri road will be operational by February or March 2016," he said.

According to him, investments committed under the PPP route would be around USD 6 billion or Rs 35,000 crore for both executed as well as projects under development put together.

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