From his cabin on the 15th floor of The Capital building at Mumbai's Bandra Kurla Complex, KV Kamath, chairman of the National Bank for Financing Infrastructure and Development (Nabfid), is within touching distance of the headquarters of ICICI Bank Ltd, which he headed until 2009. For six years thereafter, until 2015, he was the chairman of the bank, with which its parent, ICICI Ltd, had merged.
He may feel nostalgic for those days when a project finance institution had no choice but to merge with a bank to survive. But as chairman of Nabfid, he now enjoys a ringside view of infrastructure financing in the world's fastest-growing economy, steered by its managing director (MD), Rajkiran Rai.
Nabfid closed the financial year 2024 with 1 trillion worth of sanctions. Disbursements till March amounted to ₹36,000 crore. By the end of May, disbursements crossed ₹45,000 crore. Around 50 per cent of this is long-term loans for 15-25 years. Rai expects sanctions to cross 2 trillion in the current financial year and ₹93,000 crore in disbursements.
Former MD of Union Bank of India, Rai took over this assignment in August 2022. Kamath had joined the institution as chairman in October 2021, eight months after Finance Minister Nirmala Sitharaman announced the setting up of Nabfid in her Budget speech. The first disbursement was made in December 2022 for a tunnel project in Jammu and Kashmir, run by Quazigund Expressway Pvt Ltd. Renewable and traditional power generation projects account for a little over half of its portfolio, followed by roads (a little over one-fourth) and railways. It has also ventured into telecom, city gas distribution, and power transmission and distribution as well in a small way so far.
Set up with 1 trillion in authorised share capital, Nabfid's mandate includes financing infrastructure through loans and equity investments and developing longterm bond and derivatives markets.
Denne historien er fra June 17, 2024-utgaven av Business Standard.
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Denne historien er fra June 17, 2024-utgaven av Business Standard.
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