Source: The Economic Times

By RADHIKA BHALLA

NEW DELHI: Infrastructure Development Finance Company (IDFC), India Infrastructure Finance Company (IIFCL), Citigroup and Blackstone, which had recently joined hands to float a $5 billion dedicated infrastructure fund, has sought the RBI's approval to raise $3 billion from overseas markets over the next three years.

The fund's corpus is expected to comprise $2 billion of equity capital - to be contributed by promoters and other investors - and $3 billion in long-term debt financing. The two Indian promoters of the fund, IDFC and IIFCL, are required to seek the central bank's approval prior to tapping international markets for debt, as per the external commercial borrowings (ECB) regulations.

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Posted by pichu at May 7, 2007 9:53 PM