<h1>Union Cabinet Approves Rs. 60 Crore Infusion into IFCI to Transition it into a Government Company.</h1> The Union Cabinet, led by the Prime Minister, approved a Rs. 60 crore infusion into Industrial Finance Corporation of India (IFCI) Ltd. to transition it into a government company. This will be achieved by acquiring preference shares from existing shareholders. Initially established in 1948 as a statutory corporation, IFCI was later registered under the Companies Act, 1956. Currently, the Government of India holds a 47.93% stake in IFCI. The additional capital will increase the government's shareholding to 51%, thereby classifying IFCI as a government company under the Companies Act, 2013.