Signing of Memorandum of Understanding between Housing and Urban Development Corporation Ltd and India Infrastructure Finance Company Ltd

New Delhi: Shri Sanjay Kulshrestha, Chairman & Managing Director, HUDCO executed a Memorandum of Understandings (MoUs) with Dr. Padmanabhan Raja Jaishankar, Managing Director, IIFCL, on 6th June 2024 with the aim of reinforcing cooperation and collaboration to leverage respective strengths for extending Infrastructure Co-Financing, Refinancing, Project Management Consultancy Services and Capacity Building activities, subject to compliance with their respective mandates and policies.

HUDCO shall co-fund the infrastructure projects being funded by IIFCL, as the case may be, at mutually agreed terms. HUDCO shall also avail refinancing from IIFCL, at mutually agreed terms. Further, HUDCO shall extend its Project Management Consultancy Services for projects being implemented /funded by IIFCL and capacity building support, wherever required, at mutually decided terms. Separate project specific agreements shall be signed for different projects/activities after deciding the scope of work and other terms & conditions, as mutually agreed upon.

This MoU is executed to put on record the intent of Parties to undertake the activities as stated above and shall not be treated as a legally binding Contract. This signing of MoUs exemplifies the shared commitment of both organizations towards sustainable development of Habitat sector.  The Senior Officials of both the CPSEs including Shri M. Nagaraj, Director (Corporate Planning) of HUDCO  and Sh. Pawan K. Kumar, Deputy Managing Director of IIFCL were present during the event.