|In 1994, the Department of Economic Affairs, MoF in recognition of the
need to develop the country's infrastructure, established an Expert
Group on Commercialisation of Infrastructure Projects under the
Chairmanship of Dr. Rakesh Mohan. The group reviewed the existing
state of infrastructure in the country, including the state of
corporate debt market to provide long-term funds to infrastructure
projects, and recommended the need for a specialized financial
intermediary for funding infrastructure projects.
Thereafter, the announcement for the setting up of IDFC was made in the
Union Finance Minister's budget speech in July 1996.
Our Company was incorporated as a public limited company on January 30,
1997 with its registered office at Chennai and commenced business
activities on June 9, 1997. IDFC was conceptualised to lead private
capital to commercially viable infrastructure projects. Towards this
objective, IDFC would nurture and develop bankable projects and create
innovative instruments that unbundle and mitigate the risks for
investors in the infrastructure sector. IDFC's role is to complement
existing institutions undertaking infrastructure financing with focus
on strengthening market mechanisms where these were evolving or had
failed to develop. IDFC also works closely with the GOI and the state
governments on conceptualizing and formulating policies that would be
conducive for private sector participation in the infrastructure
In 2002, in order to attract private sector investment in
infrastructure projects to supplement public investment, the Finance
Minister of India in his Budget speech for 2002-03, proposed the
setting up of Rs. 10,000 million Infrastructure Equity Fund, to be
managed by IDFC, to help in providing equity investment in
infrastructure projects. To give effect to the same, on November 7,
2002, we had incorporated IDFC Asset Management Company Limited as our
1997 * Incorporation of IDFC.
* Commencement of business.
1998 * Registered with the RBI as a NBFC.
1999 * Notified as Public Financial Institution under
section 4A of the Companies Act.
2000 * Registered with the SEBI as a merchant banker.
* Registered with the SEBI as an underwriter.
2001 * Registered with the SEBI as a debenture trustee.
* Infrastructure Development Corporation (Karnataka) Limited
set up pursuant to a shareholders agreement between IDECK
and the Governor of the State of Karnataka, HDFC and our
2002 * IDFC Asset Management Company Limited incorporated
as a subsidiary.
* Uttaranchal Infrastructure Development Company Limited set up
pursuant up a joint venture agreement between the Government
of Uttaranchal and our Company.
2003 * India Development Fund formed, in which IDFC is a
-IDFC signs pact with IFC for $50 m loan
-IDFC enters into MoU with SBI Caps for syndication of debt financing for Infrastructure projects
-IDFC enters into MOU with BoI & UBI
-IDFC acquires 33-pc stake in SSKI
-DFC to acquire 6.6% stake in Andhra Cements
-IDFC partners FTSE in creation of New India Infrastructure Index Series
-Infrastructure Development Finance Company Ltd (IDFC) has informed that the Government of India, Ministry of Finance, Department of Financial Services, nominated Mr. Arun Ramanathan, Secretary (Financial Services), as its nominee Director on the Board of the Company in place
of Mr. Vinod Rai.
-Infrastructure Development Finance Corporation (IDFC) has acquired Standard Chartered's asset management business in India.