Photo: AFPMumbai: IL&FS Financial Services Ltd, the financial arm of IL&FS Group, has raised $30 million from Mauritius-based AfrAsia Bank Ltd and SBM (Mauritius) Bank Ltd through a rupee denominated or masala loan, a senior executive of the firm said. Bawa said IL&FS Financial Services is the first non-banking financial company (NBFC) to raise such a rupee-denominated loan from foreign banks. The latest masala loan transaction follows a similar loan raised by the group’s road entity IL&FS Transportation Networks Ltd (ITNL) last year. IL&FS Financial Services is targeting three key countries for raising masala loans and for other financing routes as well. InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yields and a liquid method of investing in infrastructure projects.

Source: Mint March 01, 2017 21:00 UTC