Rahul Bhave appointed as MD and CEO of IFCI Ltd

Rahul Bhave has been named Managing Director and Chief Executive Officer of IFCI Ltd., a top Indian financial institution by the Government. An official decree states that Bhave, the Deputy Managing Director, will take over for a three-year term from the date of assumption.

Approved by the Prime Minister- led Appointments Committee of the Cabinet (ACC), the appointment Originally founded on July 1, 1948, as the first development financial organisation in the nation, IFCI is very important in helping industrial and infrastructure development financially.

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Significantly, in November 2024 the Ministry of Finance approved the "Consolidation of IFCI Group" in-princially in-roads. To improve efficiency and simplify operations, the suggested restructuring calls for IFCI Ltd. to join with StockHolding Corporation of India Ltd. and other group firms.

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Consolidation plans call for StockHolding Corporation of India Ltd., IFCI Factors Ltd., IFCI Infrastructure Development Ltd., and IIDL Realtors Ltd. to combine with IFCI Lt. Furthermore incorporated into a single organisation will be StockHolding Services Ltd., IFCI Financial Services Ltd., IFIN Commodities Ltd., and IFIN Credit Ltd., functioning as a direct subsidiary of the newly consolidated listed company.

Under the reformed IFCI, StockHolding Document Management Services Ltd., StockHolding Securities IFSC Ltd., IFIN Securities Finance Ltd., IFCI Venture Capital Funds Lt., and MPcon LTD will also operate as direct subsidiaries.

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