IFCI has received an amount of Rs 491.84 crore, net of TDS of Rs 30.55 crore, on account of resolution of Binani Cement under the IBC mechanism. The amount is towards the Security Receipts held by IFCI in Binani Cements.
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.
