IDBI, LIC sign MoU to finance projects

New Delhi, Dec 22: Industrial Development Bank of India (IDBI) today tied up with Life Insurance Corporation of India (LIC) to finance long-gestation projects.

''A Memorandum of Understanding (MoU) with Life Insurance Corporation of India has been signed for undertaking joint and take-out financing of long-gestation projects, including infrastructure projects,'' a company statement said.

The MoU would help generate funding for infrastructural projects and leverage the credit appraisal, it said.

According to the agreement, IDBI and LIC, either singly or jointly, will appraise the projects covered under the MoU.

UNI