DMICDC partners IIFCL to boost investment in industrial space

IIFCL has offered to consider financing DMIC projects such as airports, urban public transport, energy, social and commercial infrastructure

The Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) has signed a memorandum of understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL) to share expertise and help boost investment opportunities in industrial space.

"DMICDC and IIFCL, which provides long-term financing to viable infrastructure projects, on Friday signed an MoU to share their knowledge, resources and expertise and help boost investment opportunities in industrial development," DMICDC said in a statement.

IIFCL has offered to consider financing Delhi-Mumbai Industrial Corridor (DMIC) projects such as airports, urban public transport, energy, social and commercial infrastructure, it said.

Under the MoU, it said the DMICDC will also be able to avail the services of IIFCL subsidiaries such as IIFCL Projects Ltd, which specialises in project advisory, loan syndication and financial consultancy services — appraisals, PPP structuring and bid process management.

Sanjeev Kaushik, deputy managing director (MD), who signed an MoU on behalf of IIFCL, said the two organisations would pool their resources and expertise to accelerate infrastructure development in India.

"Projects such as the DMIC are the future engines of Indian economic growth and development," he said.

Alkesh Sharma, chief executive officer and MD, DMICDC, said the partnership with IIFCL comes at a crucial time as the DMIC projects move from planning to implementation stages.

IIFCL, set up in 2006, is a wholly owned government company and is providing long-term financing support to infrastructure projects in the country.

The $90 billion DMIC project aims at creating mega industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation. Japan is giving financial and technical aid for the project, which is developed on either side of a 1,483-km stretch running across seven states.