In an otherwise gloomy Budget, the one sector that managed to clinch some reason to smile is infrastructure and IIFCL is gearing up to take charge.

Barely 24 hours of being mandated the role, IIFCL is already in action and has started scouting for various options to raise funds for refinancing infrastructure projects.

SS Kohli, CMD of IIFCL, said, “We aim at disbursements of about Rs 5,000-Rs 6,000 crore during this financial year. Of this, we have already raised about Rs 1,000 crore. Then, we have tied up $500 million debt with Asian Development Bank and have already received $200 million of it, and will be receiving the remaining over the next few months. For another Rs 2,000-Rs 2,500 crore, we are in talks with insurance companies and are also exploring the option of raising through local markets.”

Last year, IIFCL disbursed around Rs 3200 crore for various projects and for the coming fiscal, roads projects are going to be the key thrust area for disbursement.

SS Kohli, CMD of IIFCL, said, “Roadways is obviously going to be an important thrust area for us. Apart from that, we will also be investing in a lot of power projects. Then there are ports. As of now, we are studying the viability of about 86 projects in different sectors, where we might invest.”

Meanwhile, it is quite clear now that infrastructure will receive a lot of impetus from the UPA government in this tenure. All eyes are now on how effectively the government's infrastructure lending company executes this mandate.