The country's premier infrastructure financing company, Infrastructure Development Finance Corporation (IDFC) has announced a profit after tax of Rs 191 crore (Rs 50 crore) in its first full year of operations.
Of its total income of Rs 231 crore, IDFC's operating income is Rs28 crore while its investment income is Rs 203 crore. During 1998-99, IDFC has assisted 13 companies, six in the power sector, four in roads and three in telecom sectors. Total approvals was Rs 2,282 crore of, which fund-based assistance accounted for Rs 1,640 crore.
Total disbursements added up to Rs 724 crore. Addressing newspersons here yesterday, D J Balaji Rao, managing director and Nasser Munjee deputy managing director said that IDFC had got a LAAA rating for its proposed Rs 500 crore non-convertible debenture programme from ICRA.
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According to Balaji Rao the money is being raised to fund projected future requirements that will arise later during the year. Munjee said the rating is also significant in that it helps the company's lending programme.
IDFC is involved in a lot of "credit enhancement programmes in infrastructure projects" and the bonds rating will go a long way in helping IDFC move forward.
After signing up with the State Bank of India for Rs 400 crore of take-out financing, it has signed up with Corporation Bank and State Bank of Hyderabad for Rs 200 crore and Rs 100 crore respectively. Talks are also on with a few other nationalised banks for similar arrangements.
IDFC, in the near future, will look at other infrastructure areas like water supply and sanitation, telecom and IT services as one integrated structure besides roads and ports, Munjee said.
As a policy advisor to the government, IDFC is working on conceptualising and drawing up a blueprint for the development of the "Golden Quadrilateral" a national road network that will link the four metros and other key cities in the country. nvestors