IFCI has received an approval from Government of India, Ministry of Finance, Department of Revenue and CBDT to issue tax free, secured, redeemable, non-convertible bonds upto to Rs 430 crore during Financial Year 2013-14.
IFCI was established with an intention to provide long-term finance needs of the industrial sector. It got listed in the year 1993 changed its status from statutory corporation to a company. 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.