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As IL&FS undergoes restructuring, Saudi-based ICD puts $1bn fund on hold

In January, the ICD signed a shareholder agreement with the private equity arm of IL&FS to launch an Africa-focused infrastructure fund with $105 million in seed capital

Reuters 

The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) said on Monday it had halted plans for a $1 billion fund with Infrastructure Leasing and Financial Services Group (IL&FS) while the Indian firm undergoes a restructuring. The Indian government took control of IL&FS this month after the infrastructure financing and construction company defaulted on some of its debt obligations, sparking fears of wider contagion in the country's financial sector. In January, the ICD signed a shareholder agreement with the private equity arm of IL&FS to launch an ...

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First Published: Mon, October 15 2018. 12:45 IST
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