IDFC raises $855 mn under India Infrastructure Fund

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Mumbai, October 9: : The much-touted India Infrastructure Fund set up to finance major road, port and power projects has so far garnered USD 855 million in multiple closures over a period of six months, a top IDFC official said.

The USD 855 million would form a part of USD 2 billion equity of the USD 5 billion infrastructure initiative launched in early 2007, IDFC Project Equity Company's Principal Aditya S Aggarwal said.

Originally, USD 2 billion is raised as equity and USD 3 billion as long-term debt by India Infrastructure Finance Company (IIFCL) for financing infrastructure development in the country.

So far, USD 855 million has been invested to acquire 26-49 per cent stake holding by IDFC Project Equity in five domestic infrastructure projects, Aggarwal said.

IDFC Project Equity, Citi Group, Global private equity fund Blackstone and Indian government had jointly launched the USD 5 billion Infrastructure initiative in February, 2007 with an initial corpus of around USD 250 million.

The fund later received equity investments from above 10 domestic and international investors to fill up the USD 2 billion equity component, Aggarwal said.