Education and Career Forum

Industrial finance corporation of india has set up how many subsidiary companies and what are they?

I.F.C.I --- INDUSTRIAL FINANCE CORPORATION OF INDIA LTD

This IFCI was established under the IFCI Act 1948 during July as first India’s Development bank .

It’s main objective is to make medium and Long term credit available to the Industrial undertakings .Also it assists them in creation of industrial facilities .
This IFCI sets up a new industrial undertaking , and for expansion and diversification of existing industrial undertaking .

It meets the working capital requirements of industrial concerns in some exceptional cases . Ans subscription and undertaking of public issues of shares and debentures .
It assures Direct financial support to the industrial units for undertaking new Projects , expansion , modernization and diversification and more .

The industrial Finance corporation of India has made a wide range of contributions in the various sectors in Indian Industry . IFCI has also been quite subservient in implementing the number of things that the Government of India Planned up to ensure financial benefits in to services .

IFCI carried out all the responsibilities regarding the Government’s Industrial policy initiatives till the establishment of ICICI in 1956 and IDBI in 1964 .

Some of the noteworthy contributions of IFCI include improvement of Indian Industry , export promotion , import permutation , development in business , pollution control measures , energy preservation , and rendering direct and indirect employment .

During the 1994 , IFCI was converted into a joint stock company and came out with a public issues of shares . It is basically managed by the Board of Directors . The floated institutions are like :: TFCI , ICRA.