Cabinet clears Rs 2,600 crore infusion in India Infrastructure Finance Company

NEW DELHI: The government today gave 'ex-post facto' approval to Rs 2,600-crore capital infusion made in India Infrastructure Finance Company (IIFCL) during 2007-08 and 2012-13.

"The Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the capital infusion of Rs 2,600 crore made in IIFCL during 2007-08 to 2012-13, as approved in the Demand for Grants to support the future growth of the company," an official statement said.

IIFCL, a wholly owned government company, was, incorporated on January 5, 2006 under the Companies Act, 1956 with an authorised share capital of Rs 1000 crore. It commenced its operations from April 2006.

IIFCL was mandated to provide long-term debt to viable infrastructure projects.