UTI Bank ties up with IIFCL to finance infrastructural projects

Mumbai, Mar 13 (UNI) UTI Bank has entered into an agreement with India Infrastructure Finance Company Limited (IIFCL) in order to provide an impetus to the financing of infrastructural projects in the country.

The Bank has realized that there are huge opportunities in the field of infrastructure financing, which can be tapped in order to offer customized solutions in the areas of project advisory, lending and structured finance, a release issued here today said.

Under the MOU, UTI Bank and IIFC propose to co-operate and complement each others capabilities in the areas of - creating a deal flow of Infrastructure Projects that could be structured along commercially viable lines, including initial scrutiny and project definition, undertaking, commercial due diligence and credit appraisal, syndication of funds and co-financing of projects.

While the Bank plans to cater to the requirements of all major industry sectors, the focus, to start with, will be on sectors that would play a vital role in strengthening the social and economic fundamentals for India and are classified as 'Sunrise' sectors of the economy. These sectors are the Food&Agribusiness, Infrastructure Development, Life Sciences, Information Technology, Tourism, Telecom and Select manufacturing, the release added.

UNI