IIFCL and 3i partner for infrastructure financing

Mumbai, Apr 13: India Infrastructure Finance Company Limited (IIFCL) and the 3i Group today entered into a strategic partnership for infrastructure financing in presense of Union Finance Minister P Chidambaram.

An official statement said here the development will bring together the strengths of both institutions in meeting the long term equity and debt financing needs of infrastructure projects in India.

The agreement was signed by Chairman and Managing Director of IIFCL S S Kohli and 3i's Managing Partner in Asia Chris Rowlands.

''Keeping in view the huge requirement of funds in the sector, the collaborative arrangement between IIFCL and 3i would give a strong push for funding of infrastructure projects,'' Mr Kohli said ''We are excited by the opportunity to participate in the development of infrastructure projects in India, which are critical for sustaining the country's growth. We are proud to be associated with IIFCL given their strong infrastructure financing franchise in the country,'' Mr Rowlands said.

It may be recalled here that IIFCL was incorporated in January last year, as a wholly government owned company for the purpose of providing financial support to infrastructure projects and facilities in India.

The government is of the view that the total requirement for infrastructure funding could be as much as USD 320 billion over the next five years. Investments arising from this partnership will primarily be in power, ports, logistics, airports and road projects in both early stage and mature infrastructure operations, the statement added.

UNI