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Infusion of Rs. 60 crore in IFCI Ltd. to make it a Government Company

Published By : Admin | December 29, 2014 | 19:56 IST

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today approved the infusion of RS. 60 crore in Industrial Finance Corporation of India (IFCI) Ltd. to make it a Government company by way of acquisition of preference shares from existing share holder(s).

Background

Industrial Finance Corporation of India was set up in 1948 as a Statutory Corporation under the Industrial Finance Corporation Act, 1948. The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI Ltd was registered under the Companies Act, 1956 on 31.03.1993. The current shareholding of Government of India in IFCI after inclusion of the preference Share capital is 47.93 percent. Therefore, IFCI is not a Government Company under section 2(45) of the Companies Act, 2013. A contribution of Rs. 60 crore to the capital of the company would raise the shareholding of the Government to 51 percent.

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The President of India also graced the ‘Rajaji Utsav’ at Rashtrapati Bhavan. As part of Rajaji Utsav, an exhibition on the life and work of Rajaji is being organised from February 24 to March 1, 2026 at Rashtrapati Bhavan.

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Rajaji was a towering scholar, freedom fighter, thinker and administrator. His life embodied integrity, intellect and unwavering commitment to the nation.”

“Rajaji Utsav is a wonderful initiative, which brings out different aspects of Rajaji's rich contribution to our nation. I urge you all to visit it and get inspired!”