Financial Daily from THE HINDU group of publications
Saturday, Dec 06, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 06, 2003 |
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Industry & Economy
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Infrastructure Infrastructure equipment to be rented out Our Bureau
Hyderabad , Dec. 5 IN a novel venture aimed at fulfilling the equipment needs of infrastructure industries, a consortium of private-public sector companies has come together to float a company that would rent out modern equipment with the necessary experts to handle them. Soon, infrastructure developers would be able to source sophisticated equipment on rental basis from the `Equipment Hub' that is being created by the company at the sprawling campus of the National Academy of Construction (NAC) in Cyberabad, on the outskirts of Hyderabad. It would provide infrastructure equipment from leading national and international brands. The `Hub' is the combined effort of infrastructure majors like SREI International Finance Ltd, L&T Finance Ltd, Nagarjuna Construction Company Ltd from the private sector and the National Academy of Construction (NAC) from the public sector. The equipment would be available on rental basis for a day, week or a few months with trained operators and on-site maintenance to ensure optimum utilisation and performance. The `Equipment Hub' is targeted to meet the needs of the infrastructure industries in Andhra Pradesh and other southern States to begin with. The Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, is expected to launch the initiative called the NAC Infrastructure Equipment Ltd (NACIEL). It is claimed to be the first such venture in the public-private partnership model in the infrastructure equipment rental sector. The Indian Infrastructure Equipment Ltd (IIEL), promoted by SREI International holding 50 per cent stake in the company, L&T Finance holding 30 per cent with Nagarjuna Construction Company and NAC holding 10 per cent each of the paid-up capital of Rs 10 crore. NACIEL would work on the concept of an Infrastructure Equipment Bank not only to provide equipment on rental basis but also to entertain deposit of idle equipment from various sources, deploy them effectively and provide returns thereon to equipment owners on their idle assets. According to Mr Sunil Kanoria, Chairman of IIEL, the new venture would act as a lever for speedy infrastructure development in the country.
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