IDFC targets trebling loans in 5 years

NEW DELHI - The Infrastructure Development Finance Company (IDFC) aims to treble its loans and growth within five years, its managing director and CEO Rajiv Lall said Sunday.

“We have grown over 50 percent in the first six months. I am hopeful to sustain it and our target is to treble the size of our balance sheet in five years,” Lall told reporters on the sidelines of the 26th annual meeting of the India Economic Summit co-organised by the World Economic Forum and the Confederation of Indian Industry here.

The company’s net loans surged 58 percent to Rs.34,397 crore in the first half of fiscal 2010-11 and its balance sheet grew 45 percent to Rs.46,423 crore.

Lall said the company was hopeful of maintaining a high growth rate on the back of massive planned government spending on infrastructure projects.

Earlier addressing the conference, Finance Minister Pranab Mukherjee said the government targeted doubled investment on infrastructure in the 12th plan period (2012-17).

“We will continue to raise money from different sources to finance infrastructure projects,” said Lall, adding IDFC would play a crucial role in the development of infrastructure in the country.

On the proposed $10 billion India-US infrastructure bonds, he said: “The whole idea is to bring funds from overseas to finance infrastructure projects.”