IIFCL to increase funding of infra projects to Rs6000 cr

IIFCL to increase funding of infra projects to Rs6000 cr
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First Published: Sun, Aug 09 2009. 07 09 PM IST
Updated: Sun, Aug 09 2009. 07 09 PM IST
New Delhi: State-owned Indian Infrastructure Finance Company (IIFCL) is aiming to double disbursement of funds for projects, particularly in highways and power sectors, to Rs6,000 crore during the current fiscal.
“We are aiming to disburse around Rs6,000 in the current fiscal against Rs3,200 crore in the previous fiscal,” IIFCL chairman and managing director S S Kohli said.
The company, he said, has already disbursed Rs1,080 crore during the first quarter (April-July) for five major projects in power and road sectors.
Established in 2006, IIFCL has been playing key role to battle economic slowdown by promoting development of infrastructure and was identified by the government to raise large amounts through tax-free bonds to fund projects with long gestation periods.
Besides providing Rs6,000 crore to projects through normal operations, Kohli said, the company would also disburse an additional Rs10,000 crore, which was raised at the behest of the government to provide stimulus to the economy.
As part of stimulus package to battle global financial meltdown, the government had allowed IIFCL to raise Rs10,000 crore by March 2009 to support projects in the infrastructure sector.
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First Published: Sun, Aug 09 2009. 07 09 PM IST