Mumbai: IL&FS Infra Asset Management Ltd (IIAML) has received commitment of Rs 550 crore for a second set of close-ended schemes of its infrastructure debt fund, taking the total pledged amount to Rs 1,380 crore since launch in 2013.
IIAML is an asset management company promoted by IL&FS Financial Services (IFIN) to manage IL&FS Infrastructure Debt Fund (IL&FS IDF).
It has received commitment of Rs 550 crore the second set of close-ended schemes, IL&FS IDF - Series 2-A, 2-B and 2-C having maturities of 5, 7 and 12 years, respectively. With this, the fund has achieved total commitment of Rs 1,380 crore since inception in 2013, including current Rs 830 crore asset under management, a company statement said here on Wednedsay.
"Indian infrastructure sector today urgently needs a new investor class to complement domestic banks in meeting the sector's ever-increasing funding requirement."
"Hence, pooled investment vehicle like IDF can play a very important role of intermediating funds from insurance and pension fund investors into the infrastructure sector and diversify their holding beyond gilt-edged securities for yield pick-up," said Ravi Parthasarathy, chairman of IL&FS Group.
"IL&FS IDF will launch more schemes in line with both investor appetite and opportunities available in the infrastructure sector and we propose to scale up the business significantly in coming years."
"This platform would provide wonderful opportunity for international investors who want to allocate funds into Indian infrastructure sector," IFIN managing director and CEO Ramesh Bawa said.