State-owned India Infrastructure Finance Company ltd (IIFCl) on Tuesday said it is in the process of raising Rs1,000 crore from second tranche of infrastructure debt fund (IDF) to finance renewal energy projects.
“We have so far raised Rs500 crore. Of this Rs200 crore has been put in by us and Rs300 crore from lIC. For remaining Rs500 crore we are in talks with domestic and foreign investors,” IIFCl Deputy Managing Director Sanjeev Kaushik told PTI. Asked which investors are willing to make investment in the IDF, he said, general insurance companies and few foreign investors including Kfw have shown interest. The entire fund raised would be utilised for funding environmentally sustainable infrastructure projects like renewable energy. It had raised its maiden scheme of Rs300 crore in February 2014 and was the first IDF scheme of the country with units listed on BSE. The first tranche fund has been utilised and it has been invested entirely in the green energy sector.
The firm had launched the IDF through the mutual fund route. On IIFCl’s role as investment advisor to National Investment and Infrastructure Fund (NIIF) he said, the process examining infrastructure projects have started.