New Delhi: With India's foreign exchange reserves topping $300 billion, the government and the Reserve Bank of India (RBI) have jointly decided to invest $5 billion in their wholly-owned subsidiary - India Infrastructure Finance Ltd.

The London branch of the off-shore fund, launched last month by Finance Minister P. Chidambaram, will lend to Indian companies implementing infrastructure projects in India. These projects are estimated to require a whopping $500 billion over the next few years.

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Posted by boyang at May 6, 2008 12:10 PM