IL&FS inks MoU with ICBC for infrastructure finance

Our Bureau Mumbai | Updated on January 23, 2018

Infrastructure Leasing & Financial Services Limited (IL&FS) Group today entered into memorandum of understanding (MoU) with Industrial and Commercial Bank of China (ICBC) to facilitate co-operation in the area of infrastructure financing in India.

Under the MoU, ICBC group will consider providing financial support of up to $1 billion equivalent to the IL&FS group.

These funds will be directed towards infrastructure development requirements and related investments of the Group, IL&FS said in a statement.

Further, on Saturday, IL&FS group company IL&FS Energy Development Company Ltd (IEDCL) entered into a MoU with the China Huaneng Group, Huabei branch, to jointly develop, implement and operate a 3960 MW coal-based coastal power project in Kutch district of Gujarat.

The thermal power project is a part of the Special Economic Zone (SEZ) being developed by IL&FS Group, and has achieved a significant level of project development, including acquisition of land, statutory clearances and a recommendation of the Ministry of Environment & Forest (MoEF) for grant of environment clearance.

The MOUs were signed as part of Prime Minister Narendra Modi’s visit to China.

Published on May 16, 2015

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