New Delhi, Aug 14 : The Union Cabinet today gave its approval for increasing the authorized capital of India Infrastructure Finance Company Limited (IIFCL) from Rs. 1000 crore to Rs. 2000 crore.
It will enhance the leveraging ability of IIFCL and would enable the Company to build a strong resource base alongwith higher net worth over a period of time.
IIFCL was incorporated on January 5, 2006, under the Companies Act 1956, as a wholly government owned company with an authorized capital of Rs. 1000 crore and paid-up capital of Rs. 300 crore.
Besides, the resource-raising programme of the company would have sovereign support, wherever required.
The company renders financial assistance through direct lending to eligible projects, refinance to banks and FIs for loans with tenor of five years or more and any other method approved by Government of India.