IFIN to raise Rs 70,000 cr this fiscal to fund projects
Non-Banking Finance Company IL&FS Financial Services, plans to fund Rs 70,000 crore aggregate of projects this fiscal and raise around Rs 34,300 crore in the immediate-term, a top company official said.india Updated: Nov 23, 2010 15:08 IST
Non-Banking Finance Company IL&FS Financial Services (IFIN), plans to fund Rs 70,000 crore aggregate of projects this fiscal and raise around Rs 34,300 crore in the immediate-term, a top company official said.
"We aim to fund Rs 70,000 crore aggregate of funds this fiscal (FY11). We will require to raise 75% of this amount soon," IFIN's Managing Director and CEO Ramesh Bawa said in Mumbai.
In the next fiscal (FY12), the amount required to be raised will increase to Rs 75,000 crore, he said.
The company has tied-up with five public sector banks - Bank of India, Punjab National Bank, Union Bank, Bank of Baroda, Canara Bank besides IL&FS to form a joint syndication and underwriting platform for infrastructure projects.
"Through this syndication, we will jointly be able to provide partial or full underwriting of up to Rs 2,750 crore within a month," he said.
IFIN is the investment-banking arm of the parent company Infrastructure Leasing and Financial Services Ltd (IL&FS) and specialises in infrastructure financing transactions, with a combination of investment banking skill sets comprising of debt syndication, corporate advisory and lending capabilities.
Presently, it is in the midst of raising an aggregate amount of Rs 49,000 crore for 10 domestic infrastructure projects, Bawa said.
"We will be raising 70% of the Rs 49,000 crore, which will be around Rs 34,300 crore for funding domestic infrastructure projects," he said.