India Infrastructure Finance Company (IIFCL) on Wednesday said it is targeting to raise Rs 11,000-crore from institutional and retail investors through bond issues by March 2012. "We have written to the government to come out with a Rs 10,000-crore tax free infra bonds issue by March,which will be subscribed by institutions," IIFCL's Chairman and Managing Director S K Goel said. The company will also raise Rs 1,000-crore through retail tax saving bonds by end FY12,he added. In 2009,the company had raised Rs 10,000 crore through a tax free bond issue,Goel said adding it had also raised Rs 95-crore via the retail tax saving bond issue last fiscal. IIFCL has also firmed up plans of launching a Rs 5,000 crore debt fund to support long gestation infrastructure projects and is awaiting for infra debt fund guidelines from the Reserve Bank,he said. "We have decided to start a NBFC (non banking finance company) for subsidiary for the infra debt fund and have already taken approval from our owners which is the government," he said. After the infra debt fund,Goel said the company also has plans of launching a Rs 3,000 crore equity fund. According to plan panel estimates,infrastructure sector will be requiring investments of USD one trillion in the 12th plan period (2012-17). Goel was talking to reporters after signing a memorandum of understanding with public sector lender IDBI for takeout financing.
