India Infrastructure Finance Company today signed a memorandum of understanding with Japan's largest bank Sumitomo Mitsui Banking Corporation (SMBC) for raising $5 billion in the next five years for infrastructure projects. | |
| SMBC will raise resources for IIFCL from Japanese and other global markets both in yen and dollar. The Japanese banking major today sanctioned $200 million. |
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| "We will arrange the financing in competitive terms for IIFCL," said SMBC India country head (International Finance Department) Bharat Kaushal. |
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| IIFCL sources said raising money from Japanese market is cheaper compared to other global markets. |
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| This is the third agreement signed by IIFCL to raise $5 billion each from overseas market. Earlier, it had signed agreements with UK-based private equity firm 3i Group Plc; and IDFC, Citigroup and Blackstone. |
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| IIFCL has also conducted road shows in United States, United Kingdom and Singapore for raising up to $ 500 million by December. |
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| According to an estimate, India requires $ 475 billion for infrastructure projects in the next five years. |
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