Friday, Apr 26 2024 | Time 06:07 Hrs(IST)
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India


Cabinet approves equity support to India Infrastructure Finance Company Limited (IIFCL)

New Delhi, Dec 11 (UNI) Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the proposal for providing additional equity support of Rs 5,300 crore to IIFCL in the financial year 2019-20 and ten thousand crore for the financial year 2020-21.
This support will be done through regular budgetary support or through issuance of recapitalization bonds, the government said.
Department of Economic Affairs will decide the timing, terms and conditions of the same and the cabinet has also approved for increasing the authorized capital of IIFCL from rupees six thousand to rupees twenty five thousand crore.
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