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To promote private-public partnerships in infrastructure

BUILDING PARTNERSHIPS: Mr Deepak Parekh, Chairman, IDFC, flanked by Mr Vinayak Chatterjee (left), Chairman, Feedback Ventures, and Mr Rajiv B. Lall, Managing Director & CEO, IDFC, at a press conference to announce the launch of India Infrastructure Initiative (III) to attract projects for public private partnership in the Capital on Tuesday. - Kamal Narang

New Delhi , March 21

Infrastructure Development Finance Corporation Ltd (IDFC) in partnership with Feedback Ventures on Tuesday launched a new product to identify infrastructure development projects across the country.

Titled India Infrastructure Initiative (III), to promote public-private partnership for building infrastructure, in a situation where resources from the private sector has become necessary in view of the poor financial conditions of the State Governments.

"The association with Feedback Ventures (FV) will extend us deep domain knowledge of the sector as they have over 400 professional engineers for infrastructure development. III would address all possible links in the sector," the IDFC Chairman, Mr Deepak Parekh, said at the launch of the new product.

The initial corpus of III would be Rs 10 crore for developing a stream of bankable projects on behalf of the Government agencies, by bringing together the financial expertise and domain knowledge of IDFC with project creation skills of feedback, the Feedback Chairman, Mr Vinayak Chatterjee, said.

"The preliminary and pre-operative costs will then be recovered from winning bidder with an agreed administrative mark-up that will be decided case-by-case and be part of the announced bid conditions," he said.

Meanwhile IDFC is taking 19.4 per cent stake in Feedback, which after conversion of preference shares after three years will rise to 30 per cent.

"Where required we will also involve multilateral agencies like the World Bank in funding the projects," Mr Chatterjee said.

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