India Infrastructure Finance Company (IIFCL) operationalised its project advisory subsidiary today.
The new subsidiary — IIFCL Projects Ltd — will provide advisory services not only to project developers, but also to various State Governments and organisations like the National Highways Authority of India.
In due course, IIFCL Projects will also take up the job of project appraisal, Mr S.K. Goel, IIFCL’s Chairman & Managing Director, told Business Line here.
This wholly-owned subsidiary will be involved from the initial stage of a project and up to the award of a project. It would undertake development activities that are currently not allowed for IIFCL.
IIFCL is only into infrastructure financing and does not have the mandate to do project advisory services or project appraisal. Such preliminary work could now be undertaken by IIFCL Projects, Mr Goel pointed out.
IIFCL Projects will only have fee-based income. Already a number of developers have approached IIFCL Projects for advisory services, he said.