New Delhi: Housing and Urban Development Corporation Limited (HUDCO) and India Infrastructure Finance Company Limited (IIFCL) have entered into a strategic partnership, formalized through a Memorandum of Understanding (MoU) signed on June 6, 2024.
The MoU was executed by Shri Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, and Dr. Padmanabhan Raja Jaishankar, Managing Director of IIFCL. The collaboration aims to strengthen their joint efforts in infrastructure co-financing, refinancing, project management consultancy, and capacity-building initiatives.
According to the MoU, HUDCO will co-finance infrastructure projects currently funded by IIFCL under mutually agreed terms. HUDCO will also receive refinancing support from IIFCL. Additionally, HUDCO will provide project management consultancy services and capacity-building support for IIFCL’s projects, ensuring effective and efficient project implementation. Each project will be governed by separate agreements specifying the terms and conditions.
This MoU sets the framework for cooperation without being a legally binding contract, reflecting the intent of both organizations to work together towards sustainable development in the infrastructure sector. The signing ceremony was attended by senior officials from both companies, including Shri M. Nagaraj, Director of Corporate Planning at HUDCO, and Sh. Pawan K. Kumar, Deputy Managing Director of IIFCL.
Conclusion :
The partnership between HUDCO and IIFCL represents a significant move to enhance their financial and operational efficiencies in the infrastructure domain. By pooling their resources and expertise, the collaboration is likely to streamline project financing and execution processes, fostering sustainable growth in the sector and contributing positively to the overall economic development.
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