Srei Infra to study RBI guidelines, likely to foray in banking

MUMBAI: Kanoria family-promoted Srei Infrastructure Finance, is likely to venture into banking, a top company official said on Wednesday.

"We are a finance company and we would like to venture into banking," Srei Infrastructure Finance Ltd's vice-chairman, Sunil Kanoria, told reporters on the sidelines of a press conference in Mumbai.

"We will go through the guidelines of the Reserve Bank of India and if it permits, we will enter into the sector," Kanoria said.

After the 11 per cent stake-sale of Viom Networks, a leading telecom infrastructure company promoted by Tata Tele and Srei, to a consortium of SBI-Macquarie for Rs 1,400-crore to clear debts, the company will now be able to raise funds and look for acquisition opportunities, he said.

The consortium has an exit period of five-years and the company will come out with a public offer in the next 1-3 years, he said.

Asked if the company would venture into overseas markets (in the telecom tower business), Kanoria said "no comments."

Tata Teleservices, the major stakeholder in Viom Networks with a 54 per cent stake said that the company would not reduce its stake below 50 per cent to add more neutrality into its tower arm business.