Infrastructure Leasing & Financial Services Limited (IL&FS) Group, India’s leading infrastructure development & financial services conglomerate today entered into MOUs with Industrial and Commercial Bank of China (ICBC), a prestigious commercial bank in the People’s Republic of China and the China Huaneng Group, the largest state owned power producer of China
The MOU between ICBC group and IL&FS group facilitates co-operation in the area of infrastructure financing in India. ICBC group will consider providing financial support of upto USD 1 Billion equivalent to the IL&FS group. These funds will be directed towards the infrastructure development requirements and related investments of the Group
The other MOU between IL&FS Energy Development Company Limited (IEDCL), an IL&FS Group Company and the China Huaneng Group, Huabei Branch aims to jointly develop, implement and operate a 3960 MW coal based coastal power project in the Kutch district of Gujarat State in India. The thermal power project is a part of Special Economy Zone (SEZ), being developed by IL&FS Group, and has achieved significant level of project development including acquisition of land, statutory clearances and recommendation of Ministry of Environment & Forest (MoEF) for grant of Environment Clearance
The MOUs signed as part of the visit of the Prime Minister of India, Mr Narendra Modi to People’s Republic of China, signify an increased collaboration between the two countries. Speaking in Shanghai to commemorate the event, Mr Ramesh Bawa said, “The spirit of cooperation between the two countries has not only meant that a defined development path can be put in place for the strategic objective of supporting infrastructure development, but it also provides a clear signal to the international community, of India’s growing attraction as an investment destination”. He further noted that this was a ‘momentous occasion’ for IL&FS and hoped for enlarged cooperation in the future with Chinese companies
Robust Infrastructure is a pre-requisite for any developing country and these MOUs set the scope of cooperation among the three large entities in the area of infrastructure development in India
About Infrastructure Leasing & Financial Services Limited:
Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India’s leading infrastructure development and finance conglomerates. IL&FS was established in 1988 by Banks and Financial Institutions with a distinct mandate – catalyzing the development of infrastructure in the country. Over the last 25 years, IL&FS has successfully built on this mandate by focusing on the commercialization and development of infrastructure projects and creation of value-added financial services. The Group has pioneered the concept of private participation in infrastructure development across various sub-sectors and has thus evolved into a dominant, integrated developer and owner of infrastructure assets. IL&FS’ primary strength is towards developing and executing infrastructure projects, including project monitoring, construction and operations. From concept to execution, IL&FS houses the expertise to provide a complete array of services
IL&FS, through its transportation holding company, IL&FS Transportation Networks Limited (ITNL) had earlier in 2011, acquired 49% stake in Chongqing Yuhe Expressway Co. Limited, an operational road project in Chongqing, China. The project comprises of 58.72 km of four lane carriage way, including bridges and tunnels
About IL&FS Energy Development Company Limited (IEDCL) :
IL&FS Energy Development Company Limited (IEDCL) is the flagship company of the Energy vertical for development of all Power Generation and Transmission Projects within the IL&FS Group. IEDCL presently has around 3000 MW power generation capacities in operation/advance stage of implementation and around 10000 MW capacities in various phases of development in India
Major operational / near operational Projects of IEDCL
– 1004 MW Wind Power Projects across various states in India
– 726 MW gas based Combined Cycle Power Project in Tripura in JV with ONGC
– 3180 MW imported coal based power project in Tamil Nadu – 1200 MW capacity is in advance stage of construction and balance under development
– 105 MW bagasse/biomass based Projects in Maharashtra /Punjab
– 40 MW Solar Power Project in Madhya Pradesh
About IL&FS Financial Services Limited (IFIN) :
IL&FS Financial Services Limited (IFIN), a wholly owned subsidiary of IL&FS, is the investment banking arm of the IL&FS Group with a strong client base and provides end-to-end financial solutions including project finance advisory & syndication, financial structuring and equity placements. IFIN enjoys the highest ratings from rating agencies
Dovetailing increased international linkages with India centric businesses, over the past few years, IFIN has created a strong presence through its offices in Hong Kong, Singapore, London and Dubai – which deliver financing solutions and advisory services to various infrastructure initiatives of the IL&FS Group and its client constituents
In recent years, the HK office of IFIN (IL&FS Global Financial Services (HK) Limited) has acted as the financial advisor to Asian issuers on two unique and pioneering CNH bond issuances. In the area of financial service advisory, the HK office is fully geared to exploit growing economic linkages between India and China
About Industrial and Commercial Bank of China Limited :
Industrial & Commercial Bank of China Limited (ICBC) is a prestigious commercial bank in the People’s Republic of China. The Bank is the largest commercial bank globally in terms of its revenues, profits, assets, and market capitalization; well known for its continuous business innovation efforts and leading position in the banking market and diversified financing solutions. With a presence in six continents and a growing overseas network in 41 countries and regions, including India, the Bank provides comprehensive financial products and services by virtue of its distribution centres. With a strong Corporate Banking presence in India, ICBC is committed to provide comprehensive but tailor-made solutions and products to support the growing infrastructure requirement in India and would like to actively partake in the growth of Indian infrastructure industry
About China Huaneng Group :
China Huaneng Group is the largest state owned power producer of China with an installed power generation capacity of 151 GW. The China Huaneng Group has been operating power generation assets all over China and overseas including Singapore, Myanmar, UK, Netherlands, Mexico and Australia