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India Infrastructure Finance Company Ltd (IIFCL) has disbursed Rs 2,126 crore during 2012-13 under its takeout finance scheme.
This represents a 277 per cent year-on-year growth over Rs 564 crore disbursed under the scheme during the previous fiscal.
On a cumulative basis, IIFCL has till end-March 2013 sanctioned about Rs 8,000 crore and disbursed Rs 2,800 crore under the takeout finance scheme, S.K. Goel, Chairman & Managing Director, IIFCL said here.
The Takeout Finance Scheme offers infrastructure developers the benefit of lower interest rates than that under direct lending, freeing up their exposure limits with banks.
During 2012-13, IIFCL raised long-term resources of around Rs 7,100 crore from domestic market and multilateral institutions.
More than 70 per cent has been raised on the strength of its own balance sheet without a sovereign guarantee.
IIFCL, for the first time, raised domestic resources aggregating Rs 1,100 crore for an ultra-long term period (exceeding 25 years), without sovereign guarantee.
This would enable IIFCL to lend longer tenure to the infrastructure sector.
Till end-March 2013, IIFCL had made gross sanctions of around Rs 90,000 crore under Direct Lending and Takeout Finance and has disbursed around Rs 30,400 crore.
IIFCL on Tuesday entered into a memorandum of understanding with SICOM, a 100 per cent Government of Maharashtra-owned company.
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