IDFC, Feedback to aid UP in projects

The Uttar Pradesh government has commissioned Infrastructure Development Finance Company (IDFC) and Feedback Ventures [through their India Infrastructure Initiative (Triple-I) facility] to identify suitable urban transport solutions and other development projects for Lucknow and Kanpur.

The identification stage of the project will be carried out in about 4 months. Subsequent stages will be project preparation, private partner selection and project implementation for selected projects and will be executed through public-private partnership.

The India Infrastructure Initiative (Triple-I) offers a 'no-cost' solution to the governments or government undertakings to hand-hold them through the process of project preparation and partner selection for the identified infrastructure projects.

For its services to create a pool of bankable infrastructure projects, Triple I does not charge the government or government agencies and instead recovers its costs from selected private sector partners for the projects.

This is the first time that the new government in Uttar Pradesh is looking for external expertise in preparing a bank of urban development projects through PPP.

"Triple-I is already catalysing PPP projects worth Rs 6,400 crore across Maharashtra, Gujarat and Madhya Pradesh in sectors like power, water, airports, urban development and SEZs. I'm pleased to see that Triple-I is now starting work in Uttar Pradesh. I'm sure that it will soon reach out to other states," said Shailesh Pathak, head PPP initiative, IDFC.

The projects have been classified into three categories -- immediate projects that can be awarded to the private sector and where work can start in 120 days; short-term projects where work can start in 240 days; and medium-term projects where work can start in 400 days.

The projects include improvement of transport network within the city; new parking lots; improvement of stadiums; redevelopment of jail lands, bus terminals and railway stations; and some form of Mass Rapid Transit System (MRTS)/Bus Rapid Transit System (BRTS) within and between the two cities.

"The urban rejuvenation initiatives in Lucknow and Kanpur, which together have a population of more than five million, are also expected to serve as a example for other cities of the state as well," said Suresh Kumar, chief operating officer of the India Infrastructure Initiative.

IDFC provides a wide range of financing products and fee-based services to infrastructure projects and their sponsors focusing on the areas like energy, transportation, telecommunications and IT sectors. While Feedback Ventures is India's leading integrated infrastructure services company focused on infrastructure development.

"I am confident that Triple-I, backed by IDFC and Feedback Ventures, will help deliver world-class infrastructure to Uttar Pradesh," said Vinayak Chatterjee, chairman, Feedback Ventures.