Financial Daily from THE HINDU group of publications
Thursday, Sep 22, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 22, 2005 |
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Industry & Economy
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Infrastructure Srei Capital to evaluate fixed assets of Haldia Municipality Mohan Padmanabhan
Kolkata , Sept. 21 SREI Capital Markets, a member of the Srei Group, has been given the mandate by the Haldia Development Authority (HDA) to carry out valuation of the fixed assets of Haldia Municipality. The company is also expected to take up similar work for the office of the Municipality of Barasat, North 24 Parganas, West Bengal. It is learnt that Srei Capital may also be handling the fund raising work for the development of an amusement park cum commercial-housing complex in the same area. The mandate, informed sources told Business Line, may also involve valuation of fixed assets (at the rates prescribed by the Government of India) for the municipalities and restructuring of financial statements, including conversion of the existing system of accounting into a modified one. Srei is also being given the mandate to oversee the construction of a new 35,000-capacity stadium at Haldia, as part of a major sports complex, which will also include an indoor stadium with a seating capacity of 5,000. The company's work will mainly pertain to raising of financial resources for the project, estimated to cost around Rs 64 crore. Srei, sources said, may also part-finance and oversee the construction work. The job would be executed by Shrishti Infrastructure Development Corporation Ltd, in collaboration with Interbudmantazh of Ukraine. The project would be completed in 18 months, and work is likely to begin from November 1, 2005. A Memorandum of Understanding has already been signed, sources point out.
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