Global Vectra is coming out with an IPO, which opens, on September 29 with a public offering of 28 lakh fresh equity shares.

The company's CMD SJS Saigal says that at present they have about 14 helicopters. By March 2007, they intend to have about 20. And by March 2009, he hopes to have about 29 helicopters.

Saigal says that they are looking at a total of Rs 212 crore from the IPO just for "acquisition of assets for helicopters".

Excerpts from CNBC - TV18’s exclusive interview with SJS Saigal:

Q: You focus on the oil and gas and E&P (exploration & production) sector alone, ONGC is one of your key clients. Give us an idea of the fleet that you have and the expansion that you intend to use this money for?

A: ONGC is a major client of ours. Expansion plan as of today is that we have about 14 helicopters divided between ONGC, Reliance, Gujarat Petroleum, Transocean and British Gas.

These are the major clients of ours and with the new licensing policy the focus is shifting from the west coast to the east. The KG basin is coming in the focus in a big way, Reliance is also going there in a big way. Gujarat Petroleum has started very major finds there. This industry is going to grow and we are the leaders.

Q: Are you going to be acquiring more helicopters? If you can give us an idea of how many helicopters you hope to acquire? What is the time frame and the expenditure on each of these and the total capex that you have?

A: We have 14 as of today. The way we look at is that by March 2007, we will have about 20. March next year that is 2008, we will have about 24 and by March 2009, it will be about 29 helicopters. This is the kind of plan that we have.

Immediately as far as our capex is concerned out of this IPO, we are looking at a total of Rs 212 crore just on acquisition of assets for helicopters.

Q: Will all these helicopters come within this total amount raised or will you be looking at more investments through other options consequently?

A: For the first six helicopters, we are already tied up as far as the debt equity is concerned. If we go beyond that since the kind of income and revenue, we generate, we have no difficulty at all in going to the market or going to the bankers.