IL&FS Infra Asset Management Ltd. scales up IDF Platform with commitment of Rs. 5.50 billion in its second set of Schemes

IL&FS Infra Asset Management Limited (IIAML), an Asset Management Company promoted by IL&FS Financial Services Limited (IFIN) to manage the IL&FS Infrastructure Debt Fund (IL&FS IDF), has received commitment of Rs. 5.50 billion for the fund's 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 milestone, the fund has achieved total commitment of Rs.13.80 billion since its inception in 2013, including its current asset under management of Rs. 8.30 billion.

Speaking on the event to commemorate the achievement, Mr. Ravi Parthasarathy, Chairman-IL&FS Group said, "Domestic 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 managed by team of experts can play 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". Further, Mr. Ramesh Bawa, Managing Director and CEO, IFIN and Chairman-IIAML expressed, "IL&FS IDF will keep on launching 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."

After the regulations for Infrastructure Debt Fund were announced by the Government in 2011, IFIN was amongst the first institutions to announce its intent to launch an Infrastructure Debt Fund under mutual fund structure, in partnership with Life Insurance Corporation of India. The fund, IL&FS IDF was launched in February 2013 and since then IIAML has completed 2 successful fund raising exercises and is the market leader in the evolving business of IDFs. All schemes have been rated 'AAA IDF - MF' by India Ratings & Research, promoted by Fitch.

With successful fund raise in IL&FS IDF's second set of schemes, IIAML has also launched 3rd set of schemes - 3-A, 3-B and 3-C of IL&FS IDF, which would primarily invest in higher rated infrastructure debt securities and is targeted to attract insurance and pension funds.

Source : Equity Bulls

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