Standard Chartered and IL&FS Investment Managers are close to signing an agreement to raise a $1 billion India-focused infrastructure private equity fund.
Keki Mistry, bottom, left, vice-chairman, Housing Development Finance Corporation (HDFC), tells Joydeep Ghosh that debt fund investors could become risk-averse, leading to problems for other non-banking financial companies.
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
The project called 'DLF MetroRail, Gurgaon' has been bagged on concession by the consortium for a period of 99 years to build and operate the metro system. The consortium, where DLF would have a 26 per cent stake while IL&FS would hold the rest, would invest invest Rs 900 crore (Rs 9 billion) in developing the project.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
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