IFCI Ltd has become a state owned firm now as the government has increased its stake in the infrastructure financing firm to 51.4%.

the company in BSE filing said “As a result of…Increase in shareholding of the Government of India, IFCI has become a ‘Government Company’ as per the provisions of Section 2(45) of the Companies Act, 2013, with effect from April 7, 2015”.

The government has set up The Industrial Finance Corporation of India on July 1, 1948 as the first Development Financial Institution in the country.

The IFCI provides loans and advances to corporate borrowers at concessional rates.