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    Default IIFCL to launch $1 b debt fund

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    ndia Infrastructure Finance Company Ltd (IIFCL), on Wednesday, announced that it is likely to launch its $1 billion (about Rs.5,000 crore) infrastructure debt fund (IDF) to be operational by the end of next month.

    Talking to journalists here after announcing the annual results of the company, Managing Director S. K. Goel said the company had initiated the process for launching an IDF along with other co-sponsors and investors for a corpus of around $1 billion with an investment of around Rs.1,500 crore through the mutual fund route. “We expect before May-end this IDF may be operational. The company has already got provisional approval from the SEBI,” he added.

    Mr. Goel said IIFCL decided to go in for the mutual fund route because it was more flexible. Of the total fund size, $500 million would be raised from the domestic market while the remaining would be from the overseas market. Domestic investors would include IIFCL, IDBI Bank and LIC while ADB has committed $200 million. Barclays and HSBC are likely to bring in $150 million each. The country's poor infrastructure requires an investment of $1 trillion during the XII Plan (2012-17). Of this, 50 per cent is expected to come from the private sector.
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