The Reserve Bank of India (RBI) has decided to allow eligible non-resident investors to invest, on a repatriation basis, in rupee and foreign currency denominated bonds issued by the Infrastructure Debt Funds (IDFs) set up as non-banking financial companies.
Category: Infrastructure Finance
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Piramal, IDFC, SNC-Lavalin JV
Ashok Piramal Group, IDFC Project Equity Fund and Canada's SNC-Lavalin Group have entered into a joint venture agreement to develop road and highway projects in a public-private partnership across the country.
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Fin Min increases FII limit
The Union Ministry of Finance has decided to increase the current limit of Foreign Institutional Investors' (FIIs) investments in government securities by $5 billion raising the cap to $15 billion.
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Rs 120 bn refinery in AP
Amerind Petroleum (Amerind) proposes to set up a neaÂrly Rs120 billion petroleum refinery near Visakhapatnam, in joint technical collaboration with the US-based American Industrial Corporation (AIC).
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Infra Debt Funds: Creating new wealth
IDFs come as a new solution to debt finance to long-term, high-value infrastructure sectors. Eligibility norms for IDFs are rather stringent but justified given the risks and quantums-typical of infrastructure investment-involved.
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India's first IDF in 2 months
Economic Affairs Secretary R Gopalan said he expects India's first Infrastructure Development Fund (IDF) in the next two months and the size of the fund is estimated at $3 billion.
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A new opportunity to participate in Indian infrastructure
The government is finally preparing to launch its first IDF this year, albeit with a $3 billion corpus open to domestic investors alone. Vishal Shah and Smit Sheth hail IDF as a good beginning, but contend that the definition of infrastructure needs to be sharpened.
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Not enough credit enhancements
While in theory, the idea behind setting up IDFs is sound, the two structures proposed by the Ministry of Finance at present do not appear to have enough credit enhancement mechanisms to bring in domestic and foreign long term institutional investors, says Amit Dinakar.
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Banks should be nodal agencies to IDF
S Vishvanathan, MD and CEO, SBI Capital Markets, explains why the regulators of IDF have taken a rather cautious approach in developing it, and suggests that banks can take on the initial risk and then pass it on to IDFs-thus retaining the asset throughout the project.
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Canada Special
In the last year, several province-level delegations have visited India and explored opportunities in infrastructure and other domains. On 11-12 November, C-IBC's Canada-India Business Forum in Mumbai hopes to attract investors to Indian infrastructure, services and natural resources.