India continues to be a growth story and is emerging stronger with good prospects of better performance in future. The country has a highly entrepreneurial private sector which has demonstrated that it can compete in global markets. The Indian subcontinent as a whole is gaining economic importance and appears to be a major driver of the World economy in the years that lie ahead. This rapid growth requires massive investments in infrastructure, much of which is to be funded through long term debt. This underscores the need to have dedicated institutions for meeting long term debt requirements. Acknowledging the need of building adequate infrastructure and associated resource requirement for the same, the Government of India established the India Infrastructure Finance Company Limited (IIFCL) on 5 January 2006, as its wholly owned enterprise. IIFCL provides debt of long term maturity in rupee terms to viable infrastructure projects in the public sector, public private partnerships and the private sector.
India Infrastructure Finance Company (UK) Limited (IIFC (UK))
It was announced in the Government of India Budget 2007-08 that, with a view to further supplementing financial resources for infrastructure development in India, an off-shore wholly owned subsidiary of IIFCL will be set up. The subsidiary company would borrow funds from the RBI and lend to Indian companies implementing infrastructure projects in India, or to co-finance their External Commercial Borrowings for such projects, solely for capital expenditure outside India. Based on a cross-country study, it was approved by the Government of India that the subsidiary company may be established in the United Kingdom. The India Infrastructure Finance Company (UK) Limited was, accordingly, incorporated within the Registrar of Companies of England and Wales at London on February 7, 2008 [Company No. 6496661] under the UK Companies Act 1985. The company is registered with Financial Services Authority of UK as Annex-I Financial Institution for the purpose of compliance with UK Money Laundering Regulations 2007. The authorised capital of IIFC (UK) Limited is USD 500 million and the current paid up capital of the Company is USD 50 million.
Till 31st March 2018, IIFC (UK) made sanctions of USD 3,836.13 Mn to 44 projects and has cumulatively made disbursements of USD 1,989.11 Mn.
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