 "Ramesh Bawa, IL&FS")
IL&FS Infra Asset Management (IAML), an asset management company promoted by IL&FS Financial Services (IFIN) to manage the IL&FS Infrastructure Debt Fund (IIDF), signed a Memorandum of Understanding with 8 public sector banks (Allahabad Bank, Bank of India, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce and UCO Bank) for acquisition of infrastructure loans.
According to Ravi Parthasarathy, chairman of IL&FS Group, IIDF will complement domestic banks in providing required funding to infrastructure sector and would be integral part of the IL&FS Group’s efforts in taking India’s infrastructure growth story to the next level.
Ramesh Bawa, Managing Director and CEO of IFIN added, “We are targeting an initial corpus of approx $1 billion (Rs 5,500 crore) and hope to increase the overall corpus to $5 billion (Rs 27,500 crore) under management in the medium term.”
The formulation of final IDF regulations by SEBI sets the stage for launching the first set of schemes of the Fund. The first three schemes of Rs 500 crore each of IIDF have been assigned rating of 'IND AAA idf-mf' by India Ratings. The rating denotes the highest strength of the credit protection factors embedded in a fund’s investment policies and the quality of the sponsors / investment managers.
