IL&FS Infra Asset Management Limited, an Asset Management Company promoted by IL&FS Financial Services Limited  to manage the IL&FS Infrastructure Debt Fund, signed a Memorandum of Understanding with eight Public Sector Banks including Allahabad Bank, Bank of India, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce and UCO Bank for acquisition of infrastructure loans.

The signing ceremony was attended by Dr Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance and by senior executives of the Finance Ministry, LIC, IL&FS and Banks among others.

After the regulations for Infrastructure Debt Fund were announced by the Government of India last year, IL&FS Financial Services Limited was amongst the first institutions to announce its intent to launch Infrastructure Debt Fund in partnership with Life Insurance Corporation of India.

Its fund, IIDF was launched by the Union Finance Minister P. Chidambaram on February 9, 2013 in Mumbai.

The first three schemes of Rs. 5.00 billion each of IL&FS Infrastructure Debt Fund have been assigned rating of 'IND AAA idf-mf' by India Ratings. The rating denotes the highest strength of the credit protection factors embedded in a fund's investment policies and the quality of the sponsors / investment managers.

Source: Press Information Bureau