Press Information Bureau

Government of India

Ministry of Finance

16-September-2015 14:22 IST

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has given its ex-post facto approval to the capital infusion of ₹ 2600 crore made in India Infrastructure Finance Company Ltd. (IIFCL). During 2007-08 to 2012-13, as approved in the Demand for grants to support the future growth of the company.

The capital infusion was made as approved in the Demands for Grants and consented by the Finance Minister to support the future growth of the company.

Background:

IIFCL, a wholly owned Government of India company, was, incorporated on January 5, 2006 under the Companies Act, 1956 with an authorized share capital of ₹ 1000 crore. It commenced its, operations from April 2006. IIFCL was mandated to provide long term debt to viable' infrastructure projects in terms of the Scheme for Financing Viable Infrastructure Projects through IIFCL (broadly referred to as SIFTI).

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NW/AKT/SH

Ex-post approval for capital infusion supports growth of a state-owned infrastructure finance company, aligned with Demands for Grants. Ex-post approval was granted for a capital infusion into India Infrastructure Finance Company Ltd. made during 2007-08 to 2012-13, ratifying contributions disbursed pursuant to the Demands for Grants with the consent of the Finance Minister to support the company's future growth.