In a bid to fund business growth, IFCI is planning to raise debt of Rs 3,000 crore in the remaining months of this fiscal. The company is in talks with LIC and banks for the same. The State-owned NBFC is also hopeful that the rating agencies will take a considered view of the recent improvement in bad loan recoveries and scale up its rating. IFCI’s top management will soon make a presentation to rating agencies and pitch for an upgrade.
In the first half this fiscal, IFCI made recoveries of Rs 587 crore, substantially higher than the Rs 141 crore recovered in the same period last fiscal.
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.
