IIFCL to raise Rs1,000 crore from second tranche of infrastructure debt fund
The fund will be used to drive sustainable infrastructure projects such as renewable energy
New Delhi: State-owned India Infrastructure Finance Co. Ltd (IIFCL) on Tuesday said it is in the process of raising ₹ 1,000 crore from second tranche of infrastructure debt fund (IDF) to finance renewal energy projects.
“We have so far raised ₹ 500 crore. Of this ₹ 200 crore has been put in by us and ₹ 300 crore from LIC. For remaining ₹ 500 crore we are in talks with domestic and foreign investors," IIFCL deputy managing director Sanjeev Kaushik said.
Asked which investors are willing to make investment in the IDF, he said general insurance companies and few foreign investors have shown interest. The entire fund raised would be utilised for funding environmentally sustainable infrastructure projects such as renewable energy.
It had raised its maiden scheme of ₹ 300 crore in February 2014 and was the first IDF scheme of the country with units listed on BSE Ltd. The first tranche fund has been utilised and it has been invested entirely in the green energy sector.
The company had launched the IDF through the mutual fund route. On IIFCL’s role as investment advisor to National Investment and Infrastructure Fund (NIIF), Kaushik said the process examining infrastructure projects have started.
Last month, the government appointed IIFCL as the investment advisor to the proposed ₹ 40,000 crore NIIF. He said two-three projects are there and they are from transportation sector.
Talking about the company’s growth, he said it has extended financial assistance to 364 greenfield projects with sanctions of ₹ 63,888 crore and disbursement of ₹ 27,697 crore since inception. PTI
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