Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) have entered into a strategic agreement to provide substantial financial support to infrastructure ventures. The collaboration aims to facilitate consortium lending for such projects.

At a signing ceremony, attended by Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan Raja Jaishankar, MD of IIFCL, a Memorandum of Understanding (MoU) was formalised. This MoU signifies a significant step towards extending long-term financial assistance to viable infrastructure projects.

Both entities will join forces to fund these projects through consortium or multiple lending arrangements, contingent upon thorough due diligence and on a case-by-case basis.

The agreement underscores a commitment to exploring new avenues for infrastructure project financing in the country, with both sides expressing their full dedication to this collaborative effort.

(Source: ET)