On 5 July 2013, the Ratings agency Crisil Friday assigned 'AAA' ratings to India Infradebt Limited, the country's first infrastructure debt fund under the non-banking finance company structure.

The fund is owned by ICICI Bank (together with a wholly-owned subsidiary) with 31 per cent holding, followed by Bank of Baroda at 30 %, Citibank at 29 % and Life Insurance Corporation (LIC) at 10 %. The shareholders have contributed a capital of Rs 300 crore (US$50 million) to the fund.

Managing director and chief executive of ICICI Bank Chanda Kochhar said:

"The rating would enable Infradebt to access long-term funds for Indian infrastructure sector at low interest rates from domestic markets as well as pension and insurance funds."

According to local sources, India Infradebt Limited has executed its first deal. It has refinanced the  4/6-laning of Zirakpur-Parwanoo NH-22 road project built by Jaiprakash Group.

The project was awarded on 1 September 2007 and the investment value was Rs 295 crore project (US$49 million).

The project has a concession period of 20 years and a construction period of 30 months. The length of the project is 28.690 km