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Tata Capital plans to raise Rs3,000 crore in FY11

Tata Capital plans to raise Rs3,000 crore in FY11
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First Published: Tue, Aug 17 2010. 04 13 PM IST
Updated: Tue, Aug 17 2010. 04 13 PM IST
Kolkata: Tata Capital, a Tata Group company, plans to raise Rs3000 crore in FY11 to support its business plans, a top official said.
“During 2009-10, our total advances stood at Rs12,000 crore and by the end of this fiscal it is expected to cross Rs15,000 crore mark,” Praveen Kadle, managing director and chief executive officer told reporters on Tuesday.
“Accordingly we will raising Rs3,000 crore by March 2011 through various instruments like long and short-term debt, private placements and retail debt,” he added.
The firm is also planning to launch its maiden debt fund in the current fiscal with a corpus of $100 million to $250 million, he said.
“We are working on the fund. There would be investors from domestic and international market,” he added.
Tata Capital is set to hive off its Rs4,000 crore infrastructure finance business into a separate subsidiary, and it would be operational from FY12, Kadle said.
“Separate subsidiary would enable the company to tap long-term funds required for infrastructure funding,” he said.
“Consequently we would be able to raise long term funds through ECB (External Commercial Borrowing) route. Otherwise it is very difficult to raise funds for a period of 10-12 years typically needed in the infrastructure space,” he added.@
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First Published: Tue, Aug 17 2010. 04 13 PM IST