12-28-2009, 10:52 PM
IFCI was established under IFCI Act 1948 during July 1948 as India’s first development bank. The main objective for which IFCI was established, are to make medium and long term credit available to the industrial undertakings and to assist them in creation of industrial facilities.
Its functions include:
- Direct financial support (by way of rupee term loans as well as foreign currency loans) to industrial units for undertaking new projects, expansion, modernisation, diversification etc.
- Subscription and underwriting of public issues of shares and debentures.
- Guaranteeing of foreign currency loans and also deferred payment guarantees.
- Merchant banking, leasing and equipment finance
During 1994, IFCI was converted into a joint-stock company and came out with a public issue of shares. It is managed by a Board of Directors. It floated institutions such as TFCI, ICRA etc.
Its functions include:
- Direct financial support (by way of rupee term loans as well as foreign currency loans) to industrial units for undertaking new projects, expansion, modernisation, diversification etc.
- Subscription and underwriting of public issues of shares and debentures.
- Guaranteeing of foreign currency loans and also deferred payment guarantees.
- Merchant banking, leasing and equipment finance
During 1994, IFCI was converted into a joint-stock company and came out with a public issue of shares. It is managed by a Board of Directors. It floated institutions such as TFCI, ICRA etc.