IFCI has acquired 49% equity shareholding in Rajasthan Consultancy Organization (RAJCON), an unlisted company, from one of its associate companies - HARDICON. As a result of the above said purchase of equity shares, IFCI’s shareholding in RAJCON shall become 49% of the total paid-up equity capital and RAJCON shall become an associate company of IFCI.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.
