IFCI Infrastructure Development Ltd. (IIDL), a 100 % subsidiary of IFCI Ltd., has entered into an MOU with Karnataka Industrial Area Development Board (KIADB), Government of Karnataka to develop a state of art IFCI Financial City spread over 50 Acres of land located at Devanahalli, Bengaluru. It would house banks/financial institutions. The Government of Karnataka is developing Hardware Park in Devanahalli, Bengaluru. (IIDL) has been allotted a plot admeasuring 15Acres by KIADB. KIADB is in process of handing over the possession of land. IIDL will develop the land for constructing residential units for the employees of the banks/financial institutions and other organizations located in the area as part of the IFCI Financial City.
The Government of India has floated a venture capital fund worth Rs200 crore or $32 million to back entrepreneurs from the scheduled castes (SC) group. The fund will invest up to Rs15 crore in backing entrepreneurs from the SC communities with a six- year investment horizon. Government of India, Ministry of Social Justice and Empowerment is the Anchor investor with an Initial Contribution of Rs.200 crore and IFCI Ltd. has committed a contribution of Rs.50 crore as lead investor and Sponsor in the Fund. IFCI Venture Capital Funds Ltd (a subsidiary of IFCI Ltd). is the Investment Manager of the fund.
Apart from the above fund, government is setting up a Scheme of Credit Enhancement Guarantee for Scheduled Caste (SC) Entrepreneurs as per Finance Minister’s budget pronouncement. IFCI Ltd shall be the nodal agency to carry out the Scheme, under the directions of Department of Social Justice & Empowerment, Ministry of Social Justice & Empowerment (MoSJ & E), Government of India (GoI). Initially, GoI shall place a corpus of Rs.200 crore with IFCI and IFCI shall in turn issue Credit Enhancement Guarantee (subject to maximum amount of Rs.5 crore) on a first cum first serve basis to Banks and Financial Institutions (FIs) for extending Term Loans/Composite Terms Loans to SC entrepreneurs. Small & Medium Enterprises promoted and run by SCs, which are not covered under any other State/Central Government Subsidy/ Guarantee Schemes, shall be eligible for availing the facility. The guarantee shall be extended for a maximum period of 7 years or repayment period of the Loan, whichever is earlier. The Scheme is expected to be launched soon.
The Government of India has floated a venture capital fund worth Rs200 crore or $32 million to back entrepreneurs from the scheduled castes (SC) group. The fund will invest up to Rs15 crore in backing entrepreneurs from the SC communities with a six- year investment horizon. Government of India, Ministry of Social Justice and Empowerment is the Anchor investor with an Initial Contribution of Rs.200 crore and IFCI Ltd. has committed a contribution of Rs.50 crore as lead investor and Sponsor in the Fund. IFCI Venture Capital Funds Ltd (a subsidiary of IFCI Ltd). is the Investment Manager of the fund.
Apart from the above fund, government is setting up a Scheme of Credit Enhancement Guarantee for Scheduled Caste (SC) Entrepreneurs as per Finance Minister’s budget pronouncement. IFCI Ltd shall be the nodal agency to carry out the Scheme, under the directions of Department of Social Justice & Empowerment, Ministry of Social Justice & Empowerment (MoSJ & E), Government of India (GoI). Initially, GoI shall place a corpus of Rs.200 crore with IFCI and IFCI shall in turn issue Credit Enhancement Guarantee (subject to maximum amount of Rs.5 crore) on a first cum first serve basis to Banks and Financial Institutions (FIs) for extending Term Loans/Composite Terms Loans to SC entrepreneurs. Small & Medium Enterprises promoted and run by SCs, which are not covered under any other State/Central Government Subsidy/ Guarantee Schemes, shall be eligible for availing the facility. The guarantee shall be extended for a maximum period of 7 years or repayment period of the Loan, whichever is earlier. The Scheme is expected to be launched soon.
