Diversified business conglomerate Hinduja Group is looking to acquire distressed infrastructure assets, both operational and under construction, in power and road sectors, the Mint reported citing the group's co-chairman Gopichand P Hinduja.
The $25-billion group, which had set aside $10 billion in September 2014 to invest in the infrastructure sector in India, has also appointed investment bankers to find out the assets for this purpose.
“We are not just looking at roads and power, but we are looking at entire infrastructure space for acquisitions,” Hinduja told the paper. The deals are likely to be closed shortly, he added.
The group also plans to focus more on Africa for new business opportunities and may take part in projects identified by Exim Bank of India. “We have 10 business verticals and we will be looking at business opportunities for our 10 Indian companies in Africa,” Hinduja said.
According to the report, Exim Bank last year floated Kukuza Project Development Co in Africa in partnership with Infrastructure Leasing & Financial Services Ltd, African Development Bank and State Bank of India to facilitate Indian participation in infrastructure projects in Africa.
The Hinduja Group has a presence in 37 countries. Its major companies in India are commercial vehicle maker Ashok Leyland Ltd, IndusInd Bank and Gulf Oil Lubricants India Ltd.
The group, through its project development companies AMAS Investment and Project Services Ltd and Ashok Leyland Project Services, is in talks with multinational infrastructure development companies to create a joint venture for entering the Indian infrastructure sector, according to information available on its website.