IFCI Ltd. gets new MD &CEO; PM led ACC approved the appointment
Kanwar Inder Singh/ royalpatiala.in
The Appointments Committee of the Cabinet has approved the appointment of Manoj Mittal, former deputy managing director at SIDBI as the MD & CEO of IFCI Ltd. for a period of three years.
The ACC decides appointments of several top posts under the Government of India. The committee is composed of the Prime Minister of India (who is the Chairman) and the Minister of Home Affairs.
IFCI was the first Development Financial Institution of India set up to propel economic growth through development of infrastructure and industry. Since then, it has contributed significantly to the economy through its incessant support to projects in all the three spheres of growth & development – manufacturing, infrastructure & services and agriculture allied sectors.
Over the years, IFCI played a pivotal role in establishment of various institutes (including some of its subsidiaries & associates) – that are respected in their fields today, namely Stock Holding Corporation of India Ltd (SHCIL), National Stock Exchange Ltd (NSE), LIC Housing Finance Ltd, Tourism Finance Corporation of India Ltd (TFCI), Management Development Institute (MDI), ICRA Ltd, among many others. With the changes in the markets over a period of time a few of the subsidiaries were divested and currently IFCI Group has the following subsidiaries – Stock Holding Corporation of India Ltd, IFCI Venture Capital Fund Ltd, IFCI Factors Ltd, IFCI Infrastructure Development Ltd, IFCI Financial Services Ltd, MPCON, Management Development Institute and Institute of Leadership Development.
It provide financial support for the diversified growth of Industries across the spectrum. The financing activities cover various kind of projects such as airports, roads, telecom, power, real estate, manufacturing, services sector and such other allied industries. During its 70 years of existence, mega projects like Adani Mundra Ports, GMR Goa International Airport, Salasar Highways, NRSS Transmission, Raichur Power Corporation, to name a few, have been setup with financial assistance of IFCI.
June 11,2021
