29 August 2016

The Master Builder

DMICDC signs MoU with IIFCL to boost investment in industrial space

The Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) has signed an MoU with India Infrastructure Finance Company Ltd (IIFCL) to share expertise and help boost investment opportunities in industrial space. IIFCL has offered to consider financing DMIC projects such as airports, urban public transport, energy and social and commercial infrastructure. Under the MoU, the DMICDC will also be able to avail the services of IIFCL subsidiaries such as IIFCL Projects Ltd, which specializes in project advisory, loan syndication and financial consultancy services such as appraisals, PPP structuring and bid process management. The two organizations plan to pool their resources and expertise to accelerate infrastructure development in India. The partnership with IIFCL comes at a crucial time as the DMIC projects move from planning to implementation stages. IIFCL, set up in 2006, is a wholly owned government company and is providing long-term financing support to infrastructure projects in the country. The $90 billion DMIC project aims at creating mega industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation. Japan is giving financial and technical aid for the project, which is developed on either side of a 1,483-km stretch running across seven states.