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Somasroy Chakraborty

Bangalore, July 23 Astonfield Management Ltd, a US-based infrastructure project management company, plans to invest nearly $1 billion - $1.5 billion (Rs 4,000 crore – Rs 6,000 crore) to take up projects in renewable energy, airport and telecommunication sectors across India over the next 12-24 months.

“Out of this, nearly $500 million will go towards renewable energy projects, and another $500 million will be invested on airport projects, with $200-300 million in the telecom sector,” said Mr Sourabh Sen, Director, Astonfield Management Ltd.

“The investment will be funded through a combination of debt and equity. We have already secured commitments from various banks and financial institutions abroad to raise the funds,” Mr Sen told Business Line.

The company has three subsidiaries — Astonfield Renewable Resources Ltd, Astonfield Airports Ltd and Tower Communications Ltd — through which it plans to take up infrastructure projects in India.

In renewable energy, the company plans to follow the BOO (build-own-operate) model and take on only small projects. “We will follow a BOO model for our projects in India, and have planned tailor-made projects depending on the sites,” said Mr Charlie Fiechter, Chairman, Astonfield Renewable Resources Ltd. The company plans to take up solar, biomass, solid waste to power and mini-hydel projects of about 5-20 MW each.

On airport projects, Mr Sen said Astonfield Airports Ltd plans to take up modernisation and upgradation projects through the joint venture route with technical partners from the US and Europe.

According to Mr Sen, Astonfield is looking at entering the tower business. “We have the money to build one lakh towers in the next 24 months with focus on rural India,” he added

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