New Delhi: Project financier IFCI Ltd is looking afresh at bringing in a strategic investor to help build management expertise and not for capital infusion, its chief executive said on Monday.

The firm will also lend Rs 2000 crore annually to maintain profits at current levels, Atul Kumar Rai said.

"The strategic investor would play the role of an angel investor and help deepen our expertise," he told a news conference. "The capital issue is no longer with us in the same way."

IFCI, which was running a loss until 2005/06, began considering a stake sale in 2006 after its capital base had eroded by 40 per cent.

But with a capital adequacy ratio of 19 per cent currently, raising capital is no longer an imperative, Rai said.

In December, IFCI rejected the offer of a consortium of Morgan Stanley and Sterlite Industries to take a 26 per cent stake over the issue of management control. Also in the news
e-filing of I-T returns a tough process
Stock slide silences buzzing SMS biz
CEOs speak out - For your ears only!



"It would not be possible to revive the earlier process. Those parts of the capital structure which were impacting us, would have changed," Rai said.

When asked if the strategic investor would be given management control, he replied "Management control is inherent in some ways while inducting a strategic investor."

"How far that goes depends on what we expect from the process not only for the company but also for shareholders."

Earlier in the day, the firm reported its April-June quarter net fell 39 per cent to Rs 151 crore from a year ago on one-time items.

Shares of the company were down 5 per cent at Rs 37.60 in the Mumbai market