Monish Mahurkar, director treasury at IFC, told Business Standard the corporation would look at investing in bond format for projects, possibly through privately placed NCDs. The tenure of the investment would be such that it would address asset-liability issues.

Last month, IFC had issued global rupee bonds worth Rs 1,000 crore (about $161 million) to strengthen India’s capital markets and attract greater foreign investment. The bond is IFC’s first rupee issuance and the first bond issued under its $1-billion offshore rupee bond programme.

The three-year benchmark bond is offered and settled in dollars. The initial subscription, along with the principal and coupon payments, is in dollars. IFC will convert the bond proceeds from dollars to rupees at the domestic spot exchange market and use the funds to finance private sector investment in the country. The proceeds from first tranche had been invested in government bonds, Mahurkar said.

On more issuances of rupee-linked offshore bonds, an IFC executive said these would have longer tenures (four-five years). The bonds issued in November had a tenure of about three years.

Through the years, IFC has issued bonds in 13 currencies, including the Brazilian real, the Chinese renminbi, the Nigeria naira and the Russia ruble.

As of June-end this year, India accounted for $4.5 billion of IFC’s committed investment portfolio. In 2010-13, IFC invested $1.38 billion in India to achieve several strategic priorities such as promoting inclusive growth in India’s low-income states and addressing climate change.