IFCI is planning to trim its non-performing assets (NPA) by two percentage points in FY15. In this regard, the non-deposit taking NBFC recently executed an NPA sale deal worth Rs 200 crore with an asset reconstruction company.
By the end of the first quarter, IFCI’s net NPA dropped to around 10 per cent from 11.39 per cent on March 31, 2014. Meanwhile, the size of net advances as of June 30, 2014, stands at Rs 19,848 crore, up from Rs 13,946 crore a year ago.
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.
