New Delhi, Feb. 10: State-owned India Infrastructure Finance Company Limited (IIFCL) plans to raise around Rs 4,600 crore ($1 billion) in the next two financial years.
The money will be used to fund power, road, port and airport projects.
We have so far not finalised the date, but our plan is to raise $500 million (around Rs 2,300 crore) each in 2010-11 and 2011-12, said S.S. Kohli, chairman of IIFCL.
He was speaking on the sidelines of a real estate seminar organised by the Confederation of Indian Industry.
IIFCL had recently signed an agreement with Germanys development bank KFW for raising $50 million.
On loan disbursements, Kohli said, As of today our disbursement stands at Rs 7,300 crore and we hope to close this fiscal at over Rs 9,000 crore.
IIFCL has played a key role in battling the slowdown by promoting infrastructure development across the country.
As part of its stimulus measures, the government had allowed IIFCL to raise Rs 10,000 crore from the market through tax-free bonds in March 2009 to support various core sector projects.
Asked about the next financial year, Kohli said IIFCL was preparing a target of Rs 6,000 crore for loan disbursement, besides refinancing. Multilateral lenders such as the World Bank and the Asian Development Bank have agreed to extend $2.4 billion (around Rs 12,000 crore) to it.