In the United Kingdom (UK), Indian government-owned Infrastructure Finance Company (IIFCL-UK), the London arm, has sanctioned credit for a slew of power projects in the country. The projects that have received Board sanction of the London arm on October 10 include GMR’s power project at Chhattisgarh, the Shishir Bajaj Group’s power project at Lalitpur and the port component of the Pipavav project.
According to IIFCL (UK), the amount sanctioned for GMR’s power project is $100 million and for the Pipavav project $68 million. Disbursements for these projects will be done out of London once the documentation work is completed, he added.
IIFCL's London subsidiary will provide foreign currency credit to Indian infrastructure companies for their capital expenditure abroad. The foreign currency loan will be used to buy capital equipment abroad for these projects.