Four financial institutions led by countries largest private sector lender -ICICI bank – February 19, 2013 launched a $2 billion (about Rs 10,000 crore) Infrastructure Debt Fund (IDF), which would finance its first project by the end of next month.
“This is the first IDF in the form of NBFC and will commence operations very soon. The capital of Rs 300 crore has been contributed,” Chanda Kochhar CEO and Managing Director of ICICI Bank said.
Besides ICICI Bank, the other sponsors of the India Infra Debt Ltd are Bank of Baroda (BoB), Citi and LIC. The ICICI group has 31 per cent, BOB — 30 per cent, Citi — 29 per cent and LIC — 10 per cent.