HFCL scouts for investors

The Himachal Futuristic group has appointed a UK-based consultant, Euromax, to scout for investors for the group's two listed entities "" Himachal Futuristic Communications Ltd (HFCL) and HFCL Infotel.

If the endeavour succeeds, it would be the first major fund infusion in the company six years after Kerry Packer's Consolidated Press Holdings invested Rs 1,000 crore.

HFCL Managing Director and co-promoter Mahendra Nahata said the foreign consultant would help the group attract investment.

However, the market was abuzz with speculation that the mandate of the consultant included a possible split between the promoters. Nahata, however, denied this. Vinay Maloo, director of HFCL and a part of the promoter group, could not be contacted.

The individual holdings of the promoters could not be ascertained.

The promoters held nearly 28 per cent in HFCL and 62 per cent in HFCL Infotel on March 31, 2006.

The associate companies of the group are HTL, HFCL Satellite Communications and Himachal Exicom Communications.