Want to create interactive content? It’s easy in Genially!

Get started free

North Haven India Infrastructure Fund (Previously: India Infrastructur

Mira K

Created on September 19, 2022

The fund's strategy is to invest in infrastructure platforms/ services companies with high growth potential that derive their revenues principally from India. Proposed sectors include energy and utilities, transport and logistics, and other sectors.

Start designing with a free template

Discover more than 1500 professional designs like these:

Practical Timeline

History Timeline

Education Timeline

Timeline video mobile

Timeline Lines Mobile

Major Religions Timeline

Timeline Flipcard

Explore all templates

Transcript

North Haven India Infrastructure Fund

India

2017 - 2029
E&S-Category: FI
Status: Approved

Timeline

February 17, 2017

CONCEPT REVIEW

May 8, 2017

FINAL REVIEW

June 15, 2017

FINANCING APPROVAL

August 2018

FIRST DISBURSEMENT

July 6, 2020

FINAL CLOSING

US$ 37.51 mln

AIIB
Total Project Costs

US$ 187.55 mln

Remaining Balance

Private Capital
Safeguard Concerns
  • When the project was first proposed, Financial Intermediary (FI) lending was a new and increasing trend in the AIIB's pipeline with few regulations.
  • In this model, a bank invests in an intermediary, such as a commercial bank or infrastructure fund, and the intermediary on-lends loans to subprojects or clients.
  • Despite recent updates of FI-project standards, this third-party lending still carries a higher degree of risk, as social and environmental standards are diluted, and transparency is lost.
Safeguard Concerns
  • The IFC-supported India Infrastructure Fund (IIF) is managed by the Infrastructure Development and Finance Company Limited (IDFC)’s Project Equity Company, a wholly owned subsidiary of IDFC.
  • The 2017 portfolio of the IIF/IDFC included massive coal investments, contrary to AIIB’s stated intention to uphold the Paris Agreement.
  • Fully two-thirds of the IIF/IDFC fund’s energy clients are constructing massive coal plants in India, many of which are highly controversial.
Safeguard Concerns
  • The project's documentation does not clarify which 'other' India Infrastructure Fund it refers to, making it impossible to assess the IIF's past practices and plans fairly.
  • Without this basic information, any accurate assessment of the social and environmental risks inherent in the investment is impossible.
  • Civil society in India and globally cannot input meaningfully into the Board's decision on this investment.
Land Acquisition & Involuntary Resettlement
  • The project required the diversion of almost 1,200 acres of multi-crop irrigated land for industrial use, contrary to Odisha state law.
  • Nearly 1,300 families lost their agricultural lands, and the project has economically displaced another 100.
  • The company acquired 78 acres of forest without recognizing the local community's rights, violating the 2006 Recognition of Forest Rights Act.
  • Families report being coerced and threatened into parting with land at meager prices.
  • Communities also claim that the company acquired land by force from indigenous and marginalized castes like Dalits, who are constitutionally protected.
Further Information