New Delhi, Jan. 27 (PTI): State Bank of India, Life Insurance Corporation and Infrastructure Development Finance Company may soon contribute Rs 100 crore each in the India Development Fund (IDF). The fund would exclusively invest in the equity of infrastructure projects.
Other banks and financial institutions are considering investments in the IDFC-promoted infrastructure equity fund, set up in pursuant to last year’s budget announcement.
Confirming this, IDFC managing director Nasser Munjee said: “SBI and LIC have, in principle, agreed to invest Rs 100 crore each in IDF. We will put in Rs 100 crore.”
SBI and LIC are in the process of getting board approval for investing Rs 100 crore each in the fund. IDF hopes to get commitment from banks and FIs for another Rs 700 crore in the next two months.
“We will have a substantial amount by March,” he said, adding the fund targets Rs 1,000 crore corpus by this year.
IDF has been registered with Sebi as a mutual fund.