IDFC (Infrastructure Development Finance Company) Mutual Funds, a private sector diversified financial institution is on the lookout for a new creative partner. It is believed that a few leading agencies are part of the pitch call. Neither the account size nor any official confirmation was forthcoming at the time of filing this report.
The financial institution does not have any incumbent agency. It is believed that the pitch rounds are over and that a decision on an agency is to be taken very soon.
IDFC had been established by a consortium of global and local institutions with the support and sponsorship of the Government of India. A majority of IDFC’s shareholding (67 per cent as of March 31, 2008) is held by reputed global stalwarts that include respectable names like the Government of India, International Finance Corporation (IFC) - a member of the World Bank Group, Government of Singapore, AIG, Morgan Stanley, Goldman Sachs, Citigroup, and JP Morgan, among others. The best Indian financial institutions such as HDFC, LIC, SBI, and IDBI are owners in IDFC.