PNB, IIFCL tie up to finance infra projects
Deals would be structured along commercially viable lines based on project appraisal, loan syndication and other related activities undertaken by IIFCL, PNB and PNB gilts.
By PTI |
NEW DELHI: The Punjab National Bank on Wednesday entered into an MoU with India Infrastructure Finance Company Ltd (IIFCL) to finance infrastructure projects in the country.
"The MoU is aimed at extending cooperation and support to IIFCL and creating a deal flow of infrastructure projects," PNB Chairman and Managing Director K C Chakrabarty told reporters here.
Deals would be structured along commercially viable lines based on project appraisal, loan syndication and other related activities undertaken by IIFCL, PNB and PNB gilts, he said.
Talking about the bank's exposure to infrastructure projects, Chakrabarty said PNB has so far sanctioned loans aggregating to Rs 17,983 crore for the year ended March 2007. This has further increased to Rs 24,568 crore as on June 30, 2007.
He said there is a huge opportunity in the field of infrastructure financing which can be tapped by way of offering customised solutions in areas of project advisory, lending and structure finance.
As per government estimates, the country requires investment to the tune of 492 billion dollars in infrastructure over the next five years.
"The MoU is aimed at extending cooperation and support to IIFCL and creating a deal flow of infrastructure projects," PNB Chairman and Managing Director K C Chakrabarty told reporters here.
Deals would be structured along commercially viable lines based on project appraisal, loan syndication and other related activities undertaken by IIFCL, PNB and PNB gilts, he said.
Talking about the bank's exposure to infrastructure projects, Chakrabarty said PNB has so far sanctioned loans aggregating to Rs 17,983 crore for the year ended March 2007. This has further increased to Rs 24,568 crore as on June 30, 2007.
He said there is a huge opportunity in the field of infrastructure financing which can be tapped by way of offering customised solutions in areas of project advisory, lending and structure finance.
As per government estimates, the country requires investment to the tune of 492 billion dollars in infrastructure over the next five years.
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