IL&FS and LIC to set up Infrastructure Debt Fund

IL&FS and Life Insurance Corporation of India will set up an Infrastructure Debt Fund (IDF) with a corpus of $2 billion. Both the partners have inked Memorandum of Understanding to set up the IDF.

IL&FS through its group companies expects to raise $1 billion from international and domestic investors. It aims 51% of the contribution will come from foreign investors. It will operationalise, develop and manage the IDF.