IL&FS investment banking arm launches UK operations

November 4th, 2009 - 4:55 pm ICT by IANS  

State Bank of India London, Nov 4 (IANS) The investment banking arm of Infrastructure Leasing and Financial Services (IL&FS), one of India’s leading infrastructure development and finance companies, has launched its British operations to tap European channels of financing.
“The Indian infrastructure and manufacturing sector requires large investments both in the form of debt and equity. The domestic funding will therefore need to be complemented with financing from international sources,” the company said.

The launch follows the award of a UK Financial Services Authority licence to IL&FS Global Financial Services Ltd (IGFSL) — a wholly-owned subsidiary of the Indian firm’s investment banking arm, IL&FS Financial Services (IFIN).

The London launch Tuesday was attended by a large number of investment bankers and executives, including IFIN chief executive Ramesh C. Bawa and IGFSL chief executive Anil Kalra, who will be heading the British operations.

IFIN has arranged over $4.33 billion of debt for Indian companies over the last 30 months and has a balance sheet footing of $1.2 billion.

IL&FS sees London as the hub of the European financial market, and its UK operations will aim to “develop relationships and source new channels of financing for our clients and for the group’s global and domestic initiatives”.

IL&FS stakeholders include Life Insurance Corp of India, Orix Corp of Japan, Housing Development Finance Corp, Abu Dhabi Investment Authority, Central Bank of India and State Bank of India.

The London operations will be aimed at the debt and equity markets, said senior executives of the group, which has embarked on a strategy to increase its global footprint.

IL&FS currently handles $40 billion worth of projects, developed along public private partnership formats and straddling transportation, power, maritime, water, urban infrastructure, environment, education and community development.

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