IIFCL’s loan sanctions touch Rs 16969cr

India Infrastructure Finance Company Ltd (IIFCL) has scaled further heights by providing financial assistance of Rs. 16,969 crore to 78 infrastructure projects involving a total project cost of Rs.1,18,703 crore, according to Mr S S Kohli, Chairman and Managing Director. These projects are spread across 19 states.

During the year 2007-08, the company sanctioned assistance of Rs.8,559 crore  to 32 projects. He added that of the 78 projects assisted, 65 projects (83%) have achieved financial closure and documents have been signed. Disbursements of Rs1684 crore  have been made in 45 projects, the highest disbursements being in the road sector at Rs660 crore and Rs619 crore in the power sector. The company has participated in Pooled Municipal Debt Obligations (PMDO) facility with a commitment of Rs150 crore for development of urban infrastructure.

Highlighting the financial performance of IIFCL, Mr Kohli said that the company has been earning Net Profit right from the first year of its operations and Profit After Tax earned by the company registered a growth of 306% from 3.47 crore in 2006-07 to Rs14.10 crore in 2007-08.

IIFCL has signed MoU with 24 banks and institutions for creating deal flows, appraisal, loan syndication and other financial services.

In fulfilment of the announcement made in the Union Budget 2007-08, the company has established its wholly-owned subsidiary at London. IIFC(UK) Ltd has commenced its operations on April 10, 2008 and would be borrowing foreign currency funds from the Reserve Bank of India and on-lend the same to Indian companies engaged in development of infrastructure to meet their capital expenditure for imports, solely for expenditure outside India. 

Sourced From: Adfactors Public Relations Pvt Ltd