India Infrastructure Finance Company Ltd (IIFCL) has sought clearance from the banking sector regulator to invest in infrastructure investment trusts, or InvITs, as they are accomplishing well.
IIFCL managing director PR Jaishankar said “We have planned to lend around Rs 4,000 crore in this financial year, subject to approval from the Reserve Bank(RBI)”, he further added this will lead to improvement of IIFCL’s own asset quality because we will be investing in brownfield, completed projects sans construction risk. The company also wants to raise Rs 15,000 crore through issuance of bonds from the domestic market in the current financial year.
The company, which is entirely -owned by the Union government, has also designed an Online Project Monitoring System (OPMS) for remote monitoring of its infrastructure projects. This is part of efforts to strengthen the monitoring and surveillance systems through digitalization.
IIFCL is in the process of putting in place the OPMS, a first of its kind in India, for real-time project monitoring during construction phase by integrating high end solutions like drones and artificial intelligence, stated Jaishankar.
Further, Jaishankar stated that IIFCL is in the process of establishing an in-house research and advisory wing. This would enable it to further bolster capabilities to provide policy advocacy, feedback, remedial action, innovative products and processes to the government, regulatory bodies, project authorities and other stakeholders.