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Business EconomyPosted at: Mar 6 2024 2:20PM


Fairfax India agrees to put in USD 200 mn in IIFL Finance as liquidity support

New Delhi, Mar 6 (UNI) An investment holding company Fairfax India has announced to provide liquidity support to the tune of USD 200 million to IIFL, a day after the RBI’s direction to IIFL to cease and desist from sanctioning or disbursing gold loans or assigning any of its gold loan.
The RBI's embargo has raised liquidity concerns amongst the company’s investors and lenders. In response to these concerns, Fairfax India has agreed to invest up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), IIFL Finance Limited informed stock exchanges.
"We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards,” said Prem Watsa, Chairman of Fairfax India.
Nirmal Jain, Managing Director and Founder of IIFL Finance, commented, “At this crucial juncture, Fairfax India’s and Prem’s generous offer to provide liquidity support is very timely and motivating. We are committed to complying fully with RBI’s directives and growing the business under the regulator’s guidance on the strong foundation of compliance, risk management, and fair practices.”
The RBI in its release on Mar 4 had said an inspection of the company was carried out with reference to its financial position as on March 31, 2023 and found some of the practices were adversely impacting the interest of consumers.
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