The Delhi Mumbai Industrial Corridor (DMIC) has received another major boost with the government-owned India Infrastructure Finance Company Limited (IIFCL) offering its support for the financing and development of viable infrastructure projects.
The DMIC Development Corporation (DMICDC), which is developing the western industrial corridor as India´s biggest development project, and IIFCL, which provides long-term financing to viable infrastructure projects, have signed a Memorandum of Understanding to share their knowledge, resources and expertise and help boost investment opportunities in industrial development.
IIFCL has offered to consider financing DMIC projects such as airports, urban public transport, energy, social and commercial infrastructure, etc.
Under the MoU, the DMICDC will also be able to avail of the services of IIFCL subsidiaries such as IIFCL Projects Limited (IPL), which specialises in project advisory, loan syndication and financial consultancy services such as appraisals, PPP structuring and bid process management, and of IIFC (UK), which provides long-term foreign currency loans to finance the import component for infrastructure projects in India. Sanjeev Kaushik, Deputy Managing Director, who signed the MoU on behalf of IIFCL, said the two organisations would pool their resources and expertise to accelerate infrastructure development in India.