IIFCL to fund seven projects

New Delhi: State-owned infrastructure financing company IIFCL has decided to raise $ 250 million (about Rs 1,250 crore) from overseas market for funding seven projects, including Reliance Power Sasan power project and Tata Power's Mundra power pr oject.

According to sources, the company will raise $250 million for seven projects for which agreement will be signed in a day or two. These seven projects include two metro projects - Delhi and Mumbai - and five power projects, including Sasan and Mundra Ultra Mega Power Project.

The Infrastructure Finance Company Ltd (IIFCL) has so far raised Rs 9,800 crore through bonds for various infrastructure projects, and the projects will get the funds at a rate of 10.35 per cent by the banks.

IIFCL has raised the amount at an interest rate of 6.85 per cent which will be given to banks at 7.85 per cent.