State-owned General Insurance Corporation of India (GIC Re) will hold 15 percent in the credit enhancement fund, Indian Renewable Energy Development Agency (IREDA), another government enterprise, is likely to hold 5 percent stake in the fund.
The credit enhancement fund, which was announced in Budget 2016-17, is being set up to raise the credit rating of bonds floated by infrastructure companies and to make it easier for investors to invest in such securities.
GIC Re has obtained in-principle approval of competent authority to acquire 15% stake in the credit enhancement company. The special purpose vehicle for credit enhancement would be called “NICE (National Infrastructure Credit Enhancement Ltd.)“.
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