INFRASTRUCTURE LEASING & FINANCIAL SERVICES is looking at new financing options in the domestic and overseas markets as Indian banks put the brakes on lending. IL&FS is looking to raise up to US$500m from an infrastructure trust listing and plans to raise a total of US$3bn overseas in the next 12 to 18 months, Ramesh Bawa, managing director and chief executive officer, told IFR in an interview. The push to diversify funding sources comes at a time when the Indian banking industry is going through a tough cycle. Credit growth remained in single digits at 6.2% as of July 21, according to the latest Reserve Bank of India data, with capital-starved state-owned banks cautious to lend.
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