India, Aug. 23 -- India Infrastructure Finance Company Limited (IIFCL), a wholly owned Government of India enterprise under the Department of Financial Services, Ministry of Finance, has kick-started its USD 1.8 billion External Commercial Borrowing (ECB) fund-raising programme by successfully mobilising USD 200 million through international markets. The mobilisation marks the first milestone in IIFCL's broader international fund-raising programme, following Government approval to raise approximately USD 1.8 billion through ECBs. The Company is pursuing opportunities across international financial markets with a focus on competitive pricing, prudent risk management and mobilisation of long-term resources to support India's infrastructure financing requirements. Also Read - SBI's total business may double to Rs 200 lakh cr by 75th foundation year in 2030: Chairman Advertisement As part of the programme, IIFCL is envisaging raising approximately USD 1 billion through long-term ECBs, with tenors of up to 15 years, under the MIGA Guarantee Facility, in multiple tranches. The proposed long-term funding will support infrastructure projects with long gestation periods and further strengthen IIFCL's capacity to provide long-term financing to the sector. The fund-raising programme marks a strategic step towards diversifying IIFCL's funding base and accessing global pools of long-term capital. The Company will continue to leverage opportunities in international markets to mobilise competitive and sustainable resources in support of India's infrastructure development. Also Read - FPIs invest Rs 23,544 crore in Indian equities in Aug on earnings revival, rupee stability Speaking on the development, Shri Rohit Rishi, Managing Director, IIFCL, said: "The successful completion of two USD 100 million ECB transactions demonstrates IIFCL's ability to access international capital markets and mobilise long-term resources for India's infrastructure sector. With Government approval for approximately USD 1.8 billion of ECB mobilisation, including long-term ECBs under the MIGA Guarantee Facility, IIFCL has put in place a structured fund-raising programme. We remain committed to executing the programme within the stipulated timeframe and supporting the country's infrastructure financing requirements." Also Read - India, Mauritius sign long-term fuel supply pact; IOC to meet entire import requirement He further stated that "IIFCL has built a strong track record of mobilising international capital for India's infrastructure development, having raised over USD 3.5 billion from international markets over the years and deployed these resources towards infrastructure financing. The commencement of the USD 1.8 billion ECB programme builds on this experience and further strengthens our ability to channel long-term global capital towards projects that are critical to India's growth and development." IIFCL will continue to deepen its access to domestic and international sources of capital and mobilise long-term resources to support India's infrastructure development.
Published by HT Digital Content Services with permission from Millennium Post.