“For infrastructure debt funds, we should try to mobilise resources from insurance and pension sectors as these funds are available for long-term horizon.”
to give thrust to investment in the infrastructure sector and to attain GDP growth rate of 8 per cent, there is an immense need for financial products such as IDFs
The Finance Minister later handed over ‘in-principle sanction approval
letters’ issued by IIFCL Asset Management Company Limited (IAMCL) to one
power project in Jharkhand and one rural water project in Andhra
Pradesh. Both projects are in the operational phase.
For launching the maiden IDF, IAMCL, a mutual fund promoted by India
Infrastructure Finance Company Limited (IIFCL), signed a memorandum of
understanding (MoU) with three public sector banks and two financial
institutions — HUDCO and its parent company IIFCL. While Canara Bank and
HUDCO are the strategic investors of the IDF, Corporation Bank,
Oriental Bank of Commerce and IIFCL are the other investors. The fund is
aimed at catalysing investments by way of securitised debt instruments
of infrastructure projects.
According to an official statement here, the IDF scheme will mainly
undertake investment in debt securities or securitised debt instruments
of infrastructure companies, infrastructure capital companies or
infrastructure projects, SPV (special purpose vehicle).
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