Written by: Press Trust of India
1 min readNew DelhiDec 20, 2011 01:33 AM IST
First published on: Dec 20, 2011 at 01:33 AM IST
India Infrastructure Finance Company Ltd IIFCL today said it plans to float 1 billion about Rs 5,000 crore infrastructure debt fund IDF by the end of February next year.
We are coming out with an 1 billion IDF. The proposed IDF is approved by government and our board, IIFCL chairman and managing director SK Goel told reporters here.
We have decided to go for mutual fund route which is more flexible, he said,adding,We are planning to launch it by the end of February. The proposed fund would have five sponsors,with IIFCL being the lead player with 26 per cent stake. IDBI Bank and LIC will have 14 per cent and 10 per cent stake,respectively.
Foreign partner Asian Development Bank and HSBC is expected to have 25 per cent each as talks are in progress. He said the company is looking for other foreign partners. The countrys poor infrastructure requires an estimated investment of a whopping 1 trillion in the 12th Plan,beginning 2012 and ending 2017.
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