ICICI-led Rs 10,000 cr Infra debt fund launched
"This is the first IDF in the form of NBFC and will commence operations very soon. The capital of Rs 300 crore has been contributed," ICICI Bank CEO and Managing Director Chanda Kochhar said.
Besides ICICI Bank, the other sponsors of the India Infra Debt Ltd are Bank of Baroda (BoB), Citi and LIC. The ICICI group has 31 per cent, BOB - 30 per cent, Citi - 29 per cent and LIC - 10 per cent.
After the formal launch of the fund by Finance Minister P Chidambaram here, Kochhar told PTI that the company, India Infra Debt Ltd (also known as Infradebt), is looking to raise half the corpus from the domestic market and the other half from foreign sources.
Talking about the fund flow to the IDF, Kochhar said: "The structure is that after Rs 300 crore equity capital, it can then raise tier 2 capital, it can raise further funds in the form of debt and it will look at all those infrastructure projects that have completed implementation."
Projects have been identified which have completed minimum one year of operation, she said, adding that the first deal will be made by the end of the current fiscal.
This fund can finance projects of up to USD 2 billion, Kochhar added, exuding confidence that IDFs can emerge as additional channels