IIFCL Mutual Fund recently launched its maiden infrastructure debt fund (IDF) scheme , which will undertake investment in debt securities or securitised debt instruments of infrastructure companies.
It would also cater to infrastructure capital companies or infrastructure projects, special purpose vehicles and
bank loans.
IIFCL Asset Management Company (IAMCL) signed a memorandum of understanding (MoU) with three public sector banks and two financial institutions – IIFCL and HUDCO – to launch the maiden IDF.
It may be noted that earlier, IIFCL established IIFCL Mutual Fund and also promoted IAMCL. IIFCL launched an IDF through the route of Mutual Fund known as IIFCL Mutual Fund along with the other Co-Sponsors or Investors.
Finance Minister P Chidambaram launched the maiden IDF of the firm. Speaking at the ceremony, the minister said the fund would pave the way for setting up more such debt funds.
Canara Bank and HUDCO are the strategic investors in the fund while Corporation Bank, Oriental Bank of Commerce and IIFCL are the other investors.
IIFCL chairman and managing director SK Goel said the IDF would complement commercial banks in providing the required long-term funding for infrastructure sector and help in addressing their asset-liability mismatch problems.
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