ICICI with Three Others launched India's First Infrastructure Debt Fund

India’s largest private sector lender ICICI Bank along with Bank of Baroda, Citicorp Finance India Ltd, Life Insurance Corporation on 5 March 2012, launched India's first infrastructure debt fund (IDF) of a capacity of 2 billion dollar. The fund would finance infrastructure projects which require a whopping one trillion dollars in the next five years.

ICICI Bank along with a wholly owned subsidiary, Bank of Baroda, Citicorp Finance India Ltd and Life Insurance Corporation would hold 31, 30, 29 and 10 per cent stake in the fund respectively.

All the parties on 5 March 2012 signed a memorandum of understanding to set up the fund, which would raise debt capital from both domestic and foreign resources and invest in infrastructure projects under the public-private partnership model that have completed one year of operation. The funds may take next two-three years to get wholly functional.