MoU on takeout financing

India Infrastructure Finance Company Ltd (IIFCL), Infrastructure Development Finance Company Ltd (IDFC) and Life Insurance Corporation (LIC) have entered into a memorandum of understanding (MoU) for investing up to Rs 30,000 crore in 2011-12 in the infrastructure sector through the take-out financing route. Both LIC and IIFCL had entered into an agreement to buy up to 40 per cent of infrastructure loan portfolios of banks, each having 20 per cent exposure. IDFC will take 10 per cent exposure.