IIFCL to raise Rs 1200 cr through infrastructure bonds

Written by: Pti
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Ahmedabad, Feb 7 (PTI) State-owned IndianInfrastructure Finance Company Ltd (IIFCL) today said that itwould raise Rs 1200 crore for lending to infrastructureprojects, through long term infrastructure bonds.

"The proceeds from the tax saving bonds would be usedto fund infrastructure projects such as roads, power, ports,airports and urban infrastructure," IIFCL CEO Pradeep Kumartold reporters here.

"At present we have sanctioned loan of Rs 27,500 crorefor 154 projects being implemented in 21 state across thecountry out of which 17 projects are in Gujarat," Kumar said.

About 51 per cent lending is in power sector, 39 percent in road building projects and five per cent in airports,rest in other infrastructure projects, he added.

According to Kumar the funds raised would be utilisedfor direct lending to infrastructure projects, refinancingand takeout finance.

The company has lent over Rs 5000 crore to companiesthat include Adani power, Essar Power, L&T which are involvedin implementation of infrastructure projects in Gujarat.

Kumar said that his company has an agreement with theJapan Bank for International Cooperation (JBIC) which willfund the Delhi-Mumbai Industrial Corridor (DMIC) through theIIFCL.

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