Quipo proposes to purchase Rs 300-crore infra equipment

Indian Infrastructure Equipment Limited (IIEL), touted as the first equipment bank and the only end-to-end equipment rental company in the country, proposes to purchase infrastructure equipment worth Rs 300 crore in the current fiscal.

Branded as 'Quipo', IIEL provides state-of-the-art equipment for a wide range of construction requirements.

The Indian companies that have so far utilised its services include AV Birla group, NTPC, L&T, IRCON, Simplex Concrete Piles, Gammon India, IVRCL, Hindustan Construction Company and UE Development.

S K Agarwal, head (operations, sales and marketing), Quipo, said that the company currently has infrastructure equipment worth Rs 171 crore. It recently procured a used oil rig worth about $3 million, which would be deployed with an oil exploration company in Rajasthan.

Addressing a press conference here on Tuesday in connection with its forthcoming national seminar on equipment sourcing solutions, in association with the National Academy of Construction (NAC), Agarwal said that the company posted a net profit of Rs 2.6 crore on a turnover of Rs 48 crore in the fiscal ended March 31, 2005.

The company expects to register a turnover of Rs 100 crore in the current fiscal.

Promoted by Srei Infrastructure Finance Limited in 2001, Quipo also has a joint venture called NAC Infrastructure Equipment Limited, a company formed in association with the National Academy Construction, L&T Finance Limited and Nagarjuna Construction Company Limited for rental of equipment in Andhra Pradesh and its adjoining southern states.

Apart from financing and renting out equipment, Agarwal said, Quipo would also facilitate auctioning of equipment belonging to any contractor in the country. In this regard, it has partnership with Henry Butcher, a UK-based company that has its operations in 26 countries.

Briefing about the seminar scheduled to be held here on Thursday, NAC director-general C T Chari said that the one-day conference would focus on the need for mechanisation of the construction industry in the country.

The seminar is being supported by global equipment manufacturers like Ingersoll Rand, Volvo, Daewoo, Stetter Schwing, Greaves, ACE, Lintech, Puzzolona and MAIT.