IIFC, Indian Bank, OBC, Corporation Bank to jointly finance infrastructure projects

Mumbai: India Infrastructure Finance Company (IIFC) has entered into a memorandum of understanding (MoU) with Indian Bank, Oriental Bank of Commerce, Corporation Bank to jointly undertake financing of infrastructure projects.

Under the arrangement, IIFC would finance 20 per cent of the project cost while the rest would be shared by the three banks.

Indian Bank, Oriental bank and Corporation Bank have already formed an alliance for sharing each others infrastructure, enter new businesses and set up joint ventures.