The Hindu : Bank of Baroda's commitment to IDF

Online edition of India's National Newspaper
Tuesday, Mar 25, 2003

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Bank of Baroda's commitment to IDF

By Our Special Correspondent

MUMBAI MARCH 24. Bank of Baroda announced today that it has committed Rs. 100 crores to the India Development Fund. IDFC AMC is the Investment Manager for the India Development Fund.

The India Development Fund was introduced by the then Finance Minister, Yashwant Sinha, in the 2002-03 budget. Other investors include State Bank of India, the Life Insurance Corporation of India, Infrastructure Development Finance Corporation and New India Assurance. The Fund focuses on investing in early and mid-stage infrastructure companies operating in core, social, urban, tech and agriculture infrastructure sectors. The fund is targeting a corpus of Rs. 1,000 crores and hopes to raise this in the next few months. "The private equity skills of IDFC AMC, combined with the infrastructure domain expertise of IDFC and the excellent project finance capabilities of the fund's core investors put the India Development Fund in a unique position,'' said Nasser Munjee, CEO and Managing Director, IDFC.

The Chairman and Managing Director of Bank of Baroda, P. S. Shenoy, said the bank was committed to increasing its exposure in the infrastructure sector and "we look to leverage our investment in the Fund for this purpose.''

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