)
Insurance Regulatory and Development Authority (Irda) today approved the issue of Rs 500 crore Non- Convertible Debentures (NCD) of India Infradebt Limited to be reckoned as investments in infrastructure sector by insurers.
Further, Irda also said that investment in IDF (Infrastructure Debt Fund)-Mutual Fund Schemes launched by Asset Management Companies (AMCs) can be treated as investments in infrastructure sector by insurers.
AMCs had approached Irda seeking the approval for the IDF-MF Schemes launched by them to reckon as investments in infra sector by the insurers.
Irda said that such investments shall be categorized as 'other investments' and added that insurers can invest up to 20% of the Assets Under Management (AUM) of the schemes.
Under the new Irda (Investment) Regulation, the regulator said that investment in IDF, backed by Central Government as approved by the Authority, on a case to case basis shall be reckoned for investments in infrastructure.
India Infradebt had sought Irda's approval for the issue of Rs 500 cores NCDs to reckon as Investments in Infra Sector by the Insurers.
India Infradebt Limited is joint venture of ICICI Bank, Bank of Baroda, Citibank & Life Insurance Corporation of India and is the country's first infrastructure debt fund set up through the non-banking financial company route.
