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CCEA to approve infrastructure SPV soon

Thursday, 27 Oct 2005
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The Cabinet Committee on Economic Affairs, on 27 October 2005, is planning to clear the Rs.10,000 crore special purpose vehicle to finance infrastructure projects.

The SPV, announced in the Union Budget for 2005-06, will be called India Infrastructure Finance Co Ltd. The following are some highlights of the new SPV:

  • Private companies executing infrastructure projects in power, roads, airports, etc. can avail funds from the SPV only for re-financing

  • Private ventures, not falling under the public-private partnership (PPP) ambit, will not be able to avail funsd from the SPV

  • The total lending to private projects would be limited to 20 per cent of the SPV's corpus.

  • The SPV will be registered as a non banking finance company under the Indian Companies Act, 1956.

  • The SPV will have a seven-member board of directors, with one nominee each from the finance ministry and Planning Commission

  • The authorized capital of the SPV will be Rs.10 crore and its lending limit, Rs.10,000 crore.

  • Only those projects cleared by the Inter Institutional Group (IIG) will be eligible to access funds from the SPV

Also See:

Widened scope for core sector SPV (17-Oct-05)

What is IIG?

The Inter Institutional Group is an informal gathering of six lending institutions -- Infrastructure Development Finance Company, State Bank of India, Life Insurance Corporation, IDBI Ltd, Punjab National Bank and Bank of Baroda.  

 

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