| Moneycontrol Bureau Infradebt, India's first infrastructure debt fund (IDF) is set to kick-start its formal operations. Finance minister P Chidambaram on Tuesday handed over the license to the fund's promoters including ICICI Bank, Bank of Baroda, Citibank and Life Insurance Corporate of India. "The infra debt fund has equity capital of Rs 300 crore," Chanda Kochhar, managing director, ICICI Bank told reporters in New Delhi. "The non-banking financial company (NBFC) includes independent management with LIC, Bank of Baroda, ICICI Bank and Citibank among the major participants. The infra debt fund projects can finance projects up to Rs 200 crore," she said. ICICI Bank (together with a wholly-owned subsidiary) is the largest shareholder in Infradebt with 31 percent stake holding followed by Bank of Baroda at 30 percent, Citibank at 29 percent and LIC at 10 percent. Earlier, Pranab Mukherjee, the then finance minister had announced the setting up of IDFs in his budget speech |
CMA SHISHIR KUMA SINGH
CAclubindia
