India Infrastructure Finance Co Ltd (IIFCL) on Tuesday launched its takeout financing scheme, aiming to take over Rs 3,000 crore of banks’ infrastructure loans by March.
“The first takeout financing transaction, amounting to about Rs 1,500 crore, was signed with the Union Bank of India for seven road and power projects. The rate at which takeout will happen is around nine per cent,” Chairman and Managing Director S K Goel told reporters while announcing the launch of the scheme.
He also said the state-owned infrastructure financing institution planned to disburse loans up to Rs 15,000 crore by March. Since its inception, IIFCL has disbursed infrastructure projects loans worth Rs 11,800 crore.