IIFCL, 3i announce partnership on infrastructure financing

IIFCL, 3i announce partnership on infrastructure financing

India Infrastructure Finance Company Limited (“IIFCL”) and 3i Group plc (“3i”) today announced a strategic partnership on infrastructure financing which will bring together the strengths of both institutions in meeting the long term equity and debt financing needs of infrastructure projects in India.

IIFCL was incorporated in January 2006 as a wholly Government owned company for the purpose of providing financial support to infrastructure projects and facilities in India.

The Indian government believes that the total requirement for infrastructure funding could be as much as $320bn over the next five years. Investments arising from this partnership will primarily be in power, ports, logistics, airports and road projects in both early stage and mature infrastructure operations.

The agreement was signed by Mr. S S Kohli, Chairman and Managing Director IIFCL, and Mr. Chris Rowlands, 3i’s Managing Partner in Asia, in the presence of Mr. P Chidambaram, the Finance Minister of the Government of India.

On the occasion, Mr. Kohli said “Keeping in view the huge requirement of funds in the sector, the collaborative arrangement between IIFCL and 3i would give a strong push for funding of infrastructure projects.”

Commenting on the partnership, Mr. Rowlands said “We are excited by the opportunity to participate in the development of infrastructure projects in India, which are critical for sustaining the country’s growth. We are proud to be associated with IIFCL given their strong infrastructure financing franchise in the country.”