Mumbai: State-run Bank of India, Union Bank of India have joined hands with Infrastructure Development Finance Co Ltd for loan syndication, the three companies said.
The alliance expects to handle 16 projects worth Rs 115 billion over the next five months and 60 proposals worth Rs 450 billion over the following 12 months, Union Bank chairman and managing director, M V Nair, said.
The two banks "have expertise on appraisals and loan disbursals while IDFC has expertise in project advisory (services)," Bank of India's chairman and managing director, M Balachandran, said.
The alliance would also help complement each other's product offerings, said Rajiv Lall, managing director and chief executive officer of IDFC.
"Our individual capacity to underwrite projects is not very large," Lall said.
In September, state-run Corporation Bank, Oriental Bank of Commerce and Indian Bank entered into a similar strategic alliance.
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