India Infrastructure Finance Company Ltd awaits final nod to launch the credit enhancement scheme next month.
It is also seeking a bigger role in lending to the country’s renewable energy sector.
Harsh Kumar Bhanwala, Executive Director, IIFCL, said the Government-promoted corporation hopes to get the nod for the scheme which will give infrastructure sector a boost and make finance easily available.
Addressing newspersons to announce the launch of IIFCL’s tax-free bond offer, Bhanwala said the infrastructure sector needs a much diversified portfolio of services and schemes such as credit enhancement scheme, debt funding and take-out finance.
Under the take-out finance, IIFCL has already sanctioned over Rs 6,500 crore. IIFCL has thus far sanctioned Rs 25,000 crore and expects to cross the Rs 30,000-mark soon.
He said that the country’s renewable sector is poised for rapid growth and there is a need to offer funding for entrepreneurs setting up new projects in the solar and wind power sector.
IIFCL has a $50-million arrangement with German lending agency KFW whose mandate is to focus only on renewable energy sector. “Apart from this, we will also look at additional funding to offer to the solar energy sector. Most of the developers are in the process of finalising plans for setting up projects under the National Solar Mission,” he said.
ADB CREDIT LINE
The corporation is set to complete the $1-billion debt portfolio by March. This was managed through funding from ADB. “We are looking at another round of credit line from ADB. This will be part of the $10 billion which the Centre is seeking from the bank,” he said.
Profit per employee
IIFCL may rank among the most profitable per employee among State-owned corporations if the numbers are anything to go by.
The corporation, which is into infrastructure financing, has registered per employee business of about Rs 372 crore and profitability of Rs 12 crore, according to Harsh Kumar Bhanwala, Executive Director.
The company has only 55 employees.