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IDFC raises $855 mn under India Infrastructure Fund

IDFC raises $855 mn under India Infrastructure Fund
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First Published: Thu, Oct 09 2008. 12 05 PM IST
Updated: Thu, Oct 09 2008. 12 05 PM IST
By PTI
Mumbai: The much-talked about India Infrastructure Fund set up to finance major road, port and power projects has so far garnered $855 million in multiple closures over a period of six months, a top IDFC official said.
The $855 million would form a part of $2 billion equity of the $5 billion infrastructure initiative launched in early 2007, IDFC Project Equity Company’s principal Aditya S Aggarwal told PTI.
Originally, $2 billion is raised as equity and $3 billion as long-term debt by India Infrastructure Finance Company (IIFCL) for financing infrastructure development in the country.
So far, $855 million has been invested to acquire 26-49% stake holding by IDFC Project Equity in five domestic infrastructure projects, Aggarwal said.
IDFC Project Equity, Citi Group, Global private equity fund Blackstone and Indian government had jointly launched the $5 billion Infrastructure initiative in February, 2007 with an initial corpus of around $250 million.
The fund later received equity investments from above 10 domestic and international investors to fill up the $2 billion equity component, Aggarwal said.
The fund managers expect to close India Infrastructure Fund, which has initially targeted $1.25 billion, over the next six months, Aggarwal said.
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First Published: Thu, Oct 09 2008. 12 05 PM IST