DMICDC and IIFCL sign MoU for cooperation on infrastructure projects


New Delhi, Aug 27: The Delhi Mumbai Industrial Corridor (DMIC) has received another major boost with the government-owned India Infrastructure Finance Company Limited (IIFCL) offering its support for the financing and development of viable infrastructure projects.

The DMIC Development Corporation (DMICDC), which is developing the western industrial corridor as India’s biggest development project, and the IIFCL, which provides long-term financing to viable infrastructure projects, on Friday signed a Memorandum of Understanding to share their knowledge, resources and expertise and help boost investment opportunities in industrial development.

IIFCL has offered to consider financing DMIC projects such as airports, urban public transport, energy, social and commercial infrastructure etc.

Under the MoU, the DMICDC will also be able to avail of the services of IIFCL subsidiaries such as IIFCL Projects Limited (IPL), which specializes in project advisory, loan syndication and financial consultancy services such as appraisals, PPP structuring and bid process management, and of IIFC (UK), which provides long-term foreign currency loans to finance the import component for infrastructure projects in India.

Shri Sanjeev Kaushik, Deputy Managing Director, who signed the MoU on behalf of IIFCL, said the two organisations would pool their resources and expertise to accelerate infrastructure development in India.

 “Projects such as the Delhi-Mumbai Industrial Corridor are the future engines of Indian economic growth and development. IIFCL has been supporting the infrastructure sector with financing and knowhow for a decade now and we bring the same commitment to the DMIC,” he added.

Shri Alkesh Sharma, the CEO and Managing Director of DMICDC, said the partnership with IIFCL comes at a crucial time as the DMIC projects move from planning to implementation stages.

“We are happy for the chance to bring IIFCL’s capabilities to strengthen our projects as they take off the ground and to mutually enhance investment opportunities in the DMIC,” he added.

IIFCL, set up in 2006, is a wholly owned Government of India company and is providing long-term financing support to Infrastructure Projects in the country.

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