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Our Bureau

Kolkata , March 18

SBI Capital Markets, which expects to play a strategic role in the country's energy sector reforms, is structuring a couple of mega deals, each involving Rs 1,500 crore, in Karnataka and Chhattisgarh, two States that are striving hard to reorganise their power production and distribution systems.

Each deal will involve a consortium of banks willing to take significant bets on ambitious projects. The country's top investment bank is already active in the power sector in various ways. On one hand, it is a strategic advisor to the Union Government on a number of issues and on the other, it is enabling some State governments to implement reformist programmes.

"Our experience in the area ranges from what was gained at Delhi Vidyut Board to our most recent efforts at North Eastern Electric Power Corporation Ltd", said Mr Indrajit Gupta, MD and CEO. At Neepco, SBI Caps has worked out an Rs 800-crore loan, an effort that involved a group of 13 banks led by PNB.

This, he felt, will be a significant help in a region that has been identified as a major hub for hydro power generation. SBI Caps, incidentally, has pitched for a mandate from the West Bengal State Electricity Board. On another front, SBI Caps has started focusing on distribution of saving and investment products, including GoI bonds, infrastructure bonds and mutual funds.

Seeks strategic ally

SBI Caps is appointing a consultant - not yet named - for roping in a strategic partner, one that will help the investment bank capitalise on its strengths in the domestic market and reach out internationally.

The company needs to get a share of the business that is coming by way of continued FII exposure to the country. It also hopes to meet the requirements of Indian companies that are establishing a presence abroad.

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SBI Caps working out mega power deals

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