IIFCL plans $1-billion infrastructure debt fund

State-run India Infrastructure Finance Company Ltd (IIFCL) will come up with a $1-billion infrastructure debt fund (IDF) by February-end.

IIFCL will hold 26 per cent in the proposed fund with four other sponsors together holding the remaining 74 per cent.

"The fund will have IDBI Bank and LIC with 14 per cent and 10 per cent stake, respectively. Foreign partners Asian Development Bank and HSBC are expected to have 25 per cent stake each," IIFCL chairman S K Goel said.

"We are in talks with other foreign players as well," he added.

He said both the government and the company's board have approved the proposed IDF.