When contacted, IDFC sources refused to disclose the names from where the funding has been committed. Last year in February, Infrastructure Development Finance Company (IDFC), India Infrastructure Finance Company (IIFCL), Citigroup and Blackstone Group had jointly announced the launch of a $5-billion fund to finance infrastructure projects in India.
The India Infrastructure Financing Initiative was launched at the initiative of the Union Finance Ministry.
Of this, $2 billion was to be in equity capital, while $3 billion would be in long-term debt, financing maturities exceeding 10 years.
While IDFC is managing the equity financing part, IIFCL would manage the debt financing portion.
Of the $2 billion equity financing, the first portion would be of $1 billion. Of that, $1 billion, $500 million have been tied up.
India needs around $500 billion during XIth five-year plan to improve its infrastructure facilities like power, road, ports etc.
Infrastructure bottlenecks, many economists, say could come in the way of India sustaining high economic growth.
