FM launches ICICI’s IDF

Other partners include Bank of Baroda, Citibank, LIC

Finance minister P Chidambaram today launched ICICI Bank‘s Infrastructure Debt Fund (IDF) under non banking financial company (NBFC) structure in Delhi today. ICICI Bank is the largest shareholder in the venture with 31% equity. Other partners are Bank of Baroda, Citibank and LIC with 30, 29 and 10% stake respectively in IDF.

“IDF would invest in infrastructure projects under the Public-Private Partnership model that have completed one year of operations” statement from the bank said.

“Infrastructure spending in the twelfth five year plan is projected at $ 1 lakh crore compared to $ 50,000 crore in the eleventh five year plan” Chidambaram said. “The share of private investment in the total investment in infrastructure has increased significantly from 22% in the Tenth Plan to 38% in the eleventh plan and is projected at 47% during the twelfth plan” he added.

Earlier IL&FS and LIC had launched mutual fund IDF.