IL&FS and Life Insurance Corporation of India will set up an Infrastructure Debt Fund (IDF) with a corpus of $2 billion (Rs 10,600 crore).
Mr Ramesh C Bawa, Managing Director, IL&FS Financial Services (IFIN) said a Memorandum of Understanding to set up the IDF had been inked by the two partners.
IFIN through its group companies expects to raise $1 billion (Rs 5300 crore) from international and domestic investors. It is expected that 51 per cent of the contribution will come from foreign investors. IFIN will operationalise, develop and manage the IDF, he said.