The union budget 2021-2022 presented in Parliament earlier this month has proposed to set up a DFI (Development Finance Institution) with an initial capital of Rs.20,000 crores to fund the Rs 111 lakh crores’ ambitious National Infrastructure Pipeline (NIP). India Infrastructure Finance Company Limited managing director PR Jaishankar said that the company is prepared to handle any responsibility given by government.
Jaishankar told “IIFCL has been playing its role as policy institution and financial institution of the Government of India for financing infrastructure development. The Budget has laid down a solid foundation for taking the infrastructure to next level”. India Infrastructure Finance Company Limited has sanctioned a loan of around Rs 1.5 lakh crores to 620 projects as of in January 2021 with a total outlay of Rs 10.8 lakh crores.
When Jaishankar was asked about his role he said, “It matters how the Government looks at it. We are geared up and prepared to handle my responsibility that the Government would give to IIFCL.” IIFCL is a leading financial institution in the infrastructure sector which was started in 2006. The company has channelized $2.8 billion dollars from multilateral financial institutions like Asian Development Bank and World Bank. It has also developed 28,000 km of road and financed 490 public-private partnership projects (PPP), also financed airports, ports and renewal energy projects.
The net profit is owned by the Government which rose by 19 percent to Rs 212 crores in the first ninth period of current fiscal compared to Rs 178 crores one year back. The gross non-performing assets of the company improved to 18.72 percent as compared to 22.7 percent in December 2019.
