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THE INDUSTRIAL

FINANCE

Submitted to Submitted by
Abhilasha kedia ma’am Anuradha Mathuria
SM lecturer 5th trimester (FM)

CERTIFICATION

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This is to certify that this dissertation“Industrial Finance
Corporation of India (IFCI)” is the work done by ANURADHA
MATHURIA student of MBA 09-11, JAYOTI VIDYA PEETH
WOMEN'S UNIVERSITY JAIPUR.
This dissertation has the requisite standard for the fulfillment of
the Post Graduate Program in Business Administration and has
been done under my guidance and supervision during the period
20 Jan 2011 to 15th Feb. 2011.

This dissertation report has not been submitted to any other


institution for any kind of assessment or consideration, to the best
of my knowledge.

FACULTY MENTOR
Lecturer Abhilasha kedia
JAYOTI VIDYA PEETH WOMEN'S UNIVERSITY JAIPUR

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ACKNOWLEDGEMENT

This report is a synergetic product of many minds. I am grateful


for the inspiration and wisdom of all those who were with me in
this journey.

I am sincerely thankful to, JAYOTI VIDYA PEETH WOMEN'S


UNIVERSITY JAIPUR for providing me with the opportunity to
write a research paper in the form of a dissertation on the topic
IFCI Bank.

To begin with my faculty mentor lecturer Abhilasha kedia JAYOTI


VIDYA PEETH WOMEN'S UNIVERSITY JAIPUR who
encouraged me to do my best. Without his support it would have
been very difficult for me to prepare the paper so meaningful.

I am also thankful to him for his guidance that helped me improve


a lot.

Anuradha Mathuria
MBA (FM)
JAYOTI VIDYA PEETH WOMEN'S UNIVERSITY JAIPUR.

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TABLE OF CONTENTS

S.NO TOPIC Page no.


1 Introduction 5
• Mission 6
• Vision 6

• Objectives 7

Board of directors 8-9

• Goal

2 Corporate strategy 9
• Corporate advisory 10
• Liberalization –conversion into company in 1993 11

3 Products and services 15

4 Targeted business segments 16


• Financial products for multindusty sector 19
• Role of IFCI 24

• Functions 25

• Infrastructure bonds 26-33

5 Conclusion 35

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INTRODUCTION
At the time of independence in 1947, India’s capital market was
relatively under-developed. Although there was significant
demand for new capital, there was a dearth of providers.
Merchant bankers and underwriting firms were almost non-
existent. And commercial banks were not equipped to provide
long-term industrial finance in any significant manner.

It is against this backdrop that the government established The


Industrial Finance Corporation of India (IFCI) on July 1, 1948, as
the first Development Financial Institution in the country to cater to
the long-term finance needs of the industrial sector. The newly
established DFI was provided access to low-cost funds through
the central bank’s Statutory Liquidity Ratio or SLR which in turn
enabled it to provide loans and advances to corporate borrowers
at confessionals rates.

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MISSION

To be among the leading IT solution providers in the country. To


share the expertise gained in operation and continue to develop
new competencies in emerging technologies so as to come up
with mutually beneficial solution to customers.

VISION
"To emerge as the most trusted partner for upcoming enterprises
in the country, thereby contributing to the growth of the economy
and in the process, optimizing returns on investment."

OBJECTIVES
To provide financial assistance in the from of short, medium or
long- term loans or working capital facilities or equity participation.
To subscribe, underwrite and sell shares, debentures and bonds.
To carry on business of leasing and hire purchase. To provide
consultancy and merchant banking service in or outside India. To

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undertake activities pertaining to warehousing, bill marketing,
factoring custodial service, etc.To set up trust under the Indian
trust act for the establishment of mutual fund, venture capital fund
and so on. To set up investment company. To deal, transact buy
and sell foreign currencies as authorized dealer. To receive/
invest money on deposit. To act as trustees of any deeds and
undertake the office of executors, administrators, treasurer, and
trust. To draw, accept, discount and execute bill of exchange
promissory notes and other negotiable instruments.

Board of Directors

Mr. Atul Kumar Rai


CEO and Managing Director

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Mr. P G Muralidharan
Chairman of the Board

FOCUS

IFCI has fulfilled its original mandate as a DFI by providing long-


term financial support to all segments of Indian Industry. It has
also been chiefly instrumental in translating the Government’s
development priorities into reality. Until the establishment of ICICI
in 1956 and IDBI in 1964, IFCI remained solely responsible for
implementation of the Government’s industrial policy initiatives. Its
contribution to the modernization of Indian industry, export
promotion, import substitution, entrepreneurship development,
pollution control, energy conservation and generation of both

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direct and indirect employment is noteworthy. Some sectors that
have directly benefited from IFCI’s disbursals include:

• Consumer goods industry (textiles, paper, sugar).


• Service industries (hotels, hospitals).
• Basic industries (iron & steel, fertilizers, basic chemicals,
cement).
• Capital & intermediate goods industries (electronics,
synthetic fibers, synthetic plastics, miscellaneous chemicals)
• Infrastructure (power generation, telecom services).

GOAL

• To provide innovative and cost effective solutions to clients


with a blend of traditional and latest technologies maximizing
value at the least cost.
• To provide maximum service at least cost and shorter
turnaround times.
• To develop long term relationship with our clients.

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CORPORATE STRATEGY

IFCI has been able to achieve a financial turnaround with the


consistent support and cooperation of all its stakeholders and is
now endeavoring to re-position itself.

As a part of its organizational strategy, IFCI plans to induct


strategic investors who may provide besides funds support,
business know-how, marketing techniques, technology, clientele,
brand name etc. to achieve scale and scope economies and
provide expansion of the capital and resources base. In the
interim period, IFCI plans to enhance organizational value through
better realization of its Non-performing Assets (NPAs) and
unlocking of value of its investment port-folio including unquoted
investments as well as real estate assets. The present business
strategy of IFCI envisages (a) retaining and enhancing its core
competence in long term lending to industrial and infrastructure

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sectors and (b) expanding fee-based businesses to Capitalize
opportunities in Corporate Advisory Services.

CORPORATE ADVISORY

With its traditional core competence in project finance, and


coupled with its expanding expertise in investment banking and
corporate finance & advisory services, IFCI aims to be a provider
of total financial solutions for any aspiring or existing business
entity. With its traditional core competence in project finance, and
coupled with its expanding expertise in investment banking and
corporate finance & advisory services, IFCI aims to be a provider
of total financial solutions for any aspiring or existing business
entity.

What is Diversification?
Is the process of spreading the total investment money available
across different asset classes, countries, industries, and individual
companies? Diversification also entails choosing investments that
are, as far as possible, uncorrelated, which means that when
investment A is performing poorly, investment B is likely to be
performing well. A prudent investor diversifies their holdings in a
diversified portfolio of assets.

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IFCI convert into a Bank

Finance Corporation of India (IFCI) in July1948 under a Special


Act. The Industrial Development Bank of India, scheduled banks,
insurance companies, investment trusts and co-operative banks
are the shareholders of IFCI. The Government of India has
guaranteed the repayment of capital and the payment of a
minimum annual dividend. Since July I, 1993, the corporation has
been converted into a company and it has been given the status
of a Ltd. Company with the name Industrial Finance Corporations
of India Ltd. IFCI has got itself registered with Companies Act,
1956. Before July I, 1993, general public was not permitted to hold
shares of IFCI, only Government of India, RBI, Scheduled Banks,
Insurance Companies and Co-operative Societies were holding
the shares of IFCI.

LIBERALISATION - CONVERSION INTO COMPANY IN 1993

This arrangement continued until the early 1990s when it was


recognized that there was need for greater flexibility to respond to
the changing financial system. It was also felt that IFCI should
directly access the capital markets for its funds needs. It is with
this objective that the constitution of IFCI was changed in 1993
from a statutory corporation to a company under the Indian

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Companies Act, 1956. Subsequently, the name of the company
was also changed to "IFCI Limited" with effect from October 1999.

IFCI plans to convert into a bank


PRESS TRUST OF INDIA

• NEW DELHI, APR 28: Financial institution Industrial Finance


Corporation of India (IFCI) is planning to convert into a bank,
its chairman and managing director P V Narasimhan has
said. It has also ruled out fresh funding to the steel sector.

• "We would like to move into banking operations. It is in the


interest of IFCI to become a bank," he said. However, the
corporation would need to seek the approval of its board as
well as the shareholders before undertaking the move, he
said.

• IFCI move to venture into bank follows RBI guidelines for


development financial institutions (DFIs) which recommend
either a movement to universal banking or conversion into a
non-banking finance company (NBFC) within a period of five
years.
• When asked about the time span in which the changeover
would take place, Narasimhan said "it is difficult to say at this
moment but it would be much ahead or around the RBI
deadline." As a bank, IFCI would be focusing on corporate
finance and there would be no retail operations, he said.

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• The regulatory and supervisory regime at present is much
tougher for banks compared to DFIs. While the former are
subjected to cash reserve ratio (CRR) and statutory liquidity
ratio (SLR) requirements, the latter are not subjected to any
such conditionality.

• On being asked whether IFCI would be able to adjust to the


stricter supervisory regimes applicable to banks, Narasimhan
said, "we have to be prepared because regulatory
environment for DFIs could also become stricter in future."
Narasimhan said IFCI also had plans to venture into life
insurance through a separate joint-venture company and had
already tied-up with a foreign partner.

• Refusing to divulge the name of the foreign partner, he said,


"The name will be disclosed once the government comes out
with clear policy guidelines for private sector participation in
the insurance sector." "It will be a good diversification with
good profit potential in the long-term," he said.

• On funding to the steel sector, especially after IDBI, another


financial institution decided to bail out some projects, he said
"IFCI will not be able to take any exposure in the sector as it
already had reached the maximum permissible limit."

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• Moreover, no new projects were expected in the sector with
the sector already having excess capacities in addition to
competition from cheaper imports, he said.

• IFCI would continue to lend to all other sectors with special


emphasis on telecom, roads, bridges, power and textile he
said adding the corporations exposure to all these sectors
stood at about five to seven per cent.

• On the fund mobilization front for the current fiscal,


Narasimhan said the institution was slated to come out with a 1:1
rights issue at par to raise Rs 350 crone to be followed by a public
issue of bonds.

• The bonds issue was earlier planned in the last quarter of


1998-99, but was postponed in view of the expectations
about fall in interest rates, he said. "The decision to come out
with rights issue was taken in view of the institution's debt-
equity ratio which has risen to 11:1 by March 1999 and to
raise its capital adequacy ratio," he said.

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DIRECT FINANCING
• Rupee loans
• Sub loans in foreign currency
• Underwriting of and/or direct subscription to the shares &
debentures of public limited companies.
• Foreign currency loans raised by industries from foreign
intuitions.
• Rupee loans raised by industries from scheduled banks or
state co-operative banks.
• Guaranteeing of deferred payments for machinery {imported
& indigenous}

PRODUCTS AND SERVICES

AREAS OF OPERATIONS

The lending policies of IFCI have evolved over the last five
decades of operations. These policies have sought to achieve the
primary objective of providing medium and long-term financial
assistance to mainly manufacturing concerns and to fulfill the
overall goals of industrial and Economic development in India.
The principal activities of IFCI include:

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PROJECT FINANCE
IFCI offers a wide range of products to the target customer
segments to satisfy their specific financial needs. The product
range includes following credit products:

PRODUCTS & SERVICES

• Short-term Loans (up to two years) for different short term


requirements including bridge loan, Corporate Loan etc.

• Medium-term Loans (more than two years to eight years)


for business expansion, technology up-gradation, R&D
expenditure, implementing early retirement scheme,
Corporate Loan, supplementing working capital and repaying
high cost debt.
• Long-term Loans (more than eight years to up to 15 years) -
Project Finance for new industrial/ infrastructure projects
Takeout Finance, acquisition financing (as per extant RBI
guidelines / Board approved policy), Corporate Loan,
Securitization of debt.
• Structured Products: acquisition finance, pre-IPO investment,
IPO finance, promoter funding, etc.
• Lease Financing.
• Takeover of accounts from Banks / Financial Institutions /
NBFCs.
• Financing promoter’s contribution (private equity
participation)/subscription to convertible warrants.
• Purchase of Standard Assets and NPAs

The product mix offering varies from one business/ industry


segment to another. IFCI customizes the product-mix to maximize

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customer satisfaction. Its domain knowledge and innovativeness
make the product-mix a key differentiator for building enduring
and sustaining relationship with the borrowers.

Targeted Business Segments


financial products for multiple industry sectors ---

Traditionally, IFCI has been meeting the changing requirements of


the clients by endeavoring to devise various schemes and
financial products for multiple industry sectors. Major Financing
Schemes of IFCI included Project Financing and Financial
Services mainly to the manufacturing industry along with a
diversified industrial portfolio.

1. Public Sector industry-

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2. Manufacturing industry-

Manufacturing is the use of machines, tools and labor to make


things for use or sale.

3. Infrastructure projects
o Power
o Airports (brown field)
o Ports
o Hotels
o Urban infrastructure projects

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Non Banking Financial Corporation (NBFC’S)

4. Participation in Private Equity


5. Promoter funding

Financial services
IFCI Financial Services Ltd. (I-FIN)

IFCI Financial Services Ltd (I-FIN) was promoted in 1995, by IFCI


Ltd., to provide a wide range of financial products and services to

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investors, institutional and retail. I-FIN is primarily involved in
Stock Broking, Investment Banking, Mutual Fund Distribution &
Advisory Services, Depository Participant Services, Insurance
Products Distribution and the like.

A BOUQUET OF SERVICES

I-FIN is uniquely positioned, by virtue of being in the fold of IFCI


which is a pioneering All India Financial Institution, to offer a wide
array of financial products and services to the investing
community in India and NRIs. These include:

• Stock Broking

• Commodities Broking

• Currency Trading

• Portfolio Management Services

• Depository Participant Services

• Merchant Banking

• Insurance Broking

• Mutual Fund Products Distribution

• IPO Distribution

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•Corporate Advisory Services

I-FIN’S MEMBERSHIP LICENCES

The National Stock Exchange of India Limited (NSE): I-Fin is a


premier broking house and is currently a member of NSE in all the
segments – Cash Market (CM), Futures & Options (F&O), Whole
sale Debt Market (WDM) and Currency Derivatives. The company
caters to many prestigious institutional clients in the insurance,
mutual funds and banking segments.

The Bombay Stock Exchange of India Limited (BSE): I-Fin is a


member of one of the oldest stock exchanges in India, namely the
BSE, in the Cash Market (CM) segment.

Multi Commodity Stock Exchange of India Limited (MCX –


SX): I-Fin has obtained a license from MCX-SX, and is a member
of the Currency Segment. MCX-SX provides a host of benefits to
a wide range of financial market participants, including exporters,
importers, corporate and banks to hedge currency exposures.

Depository Participant (DP): As a Depository Participant with


the National Security Depository Limited (NSDL) and Central
Depository Participant Limited (CDSL), I-Fin serves its clients in a
wholesome fashion.

Merchant Banking: As a SEBI approved Category I Merchant


Banker, I-Fin is involved in the capital raising exercises of Indian
Corporate.

Insurance Corporate Agent: I-Fin is an IRDA approved


Corporate Agent (CA) for both Life and Non-Life Insurance

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sectors. It is empanelled with LIC for Life Insurance and Bajaj
Allianz for the Non-Life Insurance Sector.

Mutual Fund Distribution: Registered with the Association of


Mutual Funds in India (AMFI) as a distributor of Mutual Fund
products, I-Fin has been highly active and very successful in the
distribution of various mutual fund products.

Portfolio Management Services: As a SEBI registered Portfolio


Manager, we offer Discretionary Portfolio Management Services
backed by Equity Research - Fundamental and Technical.

OTHER MEMBERSHIPS

Through IFCI Commodity Ltd.– a subsidiary of IFCI Financial


Services Ltd.

· Multi Commodity Exchange of India Ltd (MCX)


· National Commodity & Derivatives Exchange Ltd.(NCDEX)
· National Spot Exchange Limited (NSEL)
· Non-project specific assistance
· Corporate Advisory Services
i. Project finance involves providing credit and other facilities to
green-field industrial projects (include in infrastructure projects) as
well as to brown-field projects, viz., expansion, diversification and
modernization of existing industrial concerns through various
types of assistance that are tailored to the borrowers’ needs.

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ii. Financial services covers a wide range of activities where in
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their expansion,
diversification and Modernization programs. These schemes are
also extended to equipment which could be directly got
fabricated by the actual user, or procured from domestic suppliers,
or imported. Tailor-made schemes to suit the individual borrower's
requirements have been designed to provide quick funds after a
need-based appraisal. The Interest rate and rentals (in case of
equipment leasing) are competitive and determined on the basis
of the risk perception about individual concerns.

iii. Non-project specific assistance is provided mainly in the form


of corporate / short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to any
particular project.
IT SERVICES

IFCI has been evolving over the years to meet the needs of its
customers and has been taking the help of technology to move
forward. With this aim IFCI set up its full-fledged IT department in

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the year 1985. The core team of professionals in the department
has helped IFCI adapt to various technologies and enabled IFCI
to become one of the top 100 IT Users in the country (MIS Dec.
99). With this vast in-house experience, IFCI has now started
providing total IT solutions to various Business Houses/Financial
Institutions and also it’s Subsidiaries & Associates.

ROLE OF IFCI

Effects of the role of IFCI in Foreign Investments

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• Advancement of the industrial units in India
• Export Promotion
• Import Substitution
• Development of Entrepreneurship
• Conservation of Energy
• Generation of Direct and Indirect Employment Opportunities.

FUNCTIONS
• Granting Loans and Advances to Industrial Concerns.
• Subscribing To Debentures Floated By The Industrial
Concerns.
• Guaranteeing Loans Raised By Industrial Concerns in the
Capital Market.
• Underwriting the Issue of Stock, Shares, Bounds and
Debentures of Industrial Concerns.
• Subscribing To Equity, Preference Shares and Debentures of
Companies.
• Providing assistance for setting up new industrial projects as
also for expansion, diversification, modernization and
renovation of existing units.

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• Assisting in the form of rupee and foreign currency loans;
• Promotional activities to supportive measures to improve the
productivity of human as well as material resources and to
accelerate the process of industrialization in multi-facet form.
• Merchant banking operations in 1982 under which it provides
project counseling issue management and credit syndication
consultancy for sick industrial units.

INFRASTRUCTURE BONDS
CBDT has notified New Infrastructure Bonds u/s 80CCF. An
Individual or HUF can invest in these new infrastructure Bonds up
to Rs.20000/- in a financial year.

FEATURES

• This bonds will be called “Long Term Infrastructure Bond”


• New section can be availed by Individual or HUF only.
• Only Rs.20,000/- can be invested in a Financial year to avail
deduction under section 80CCF
• Rs.20,000/- limit is in addition to 1,00,000/- limit of section
80C, 80CCC, 80CCD
• Tenure of the Bonds will be 10 Years.

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• The minimum lock in period for an investor shall be five
years.
• After 5 years investor may exit either through the secondary
market or through a buyback facility, specified by the issuer
in the issue document at the time of issue.
• Issuer of the Bonds is LIC, IFCI, IDFC and other NBFC
classified as Infrastructure Company by RBI.
• There is a limit of total amount of Bonds which can be issued
by these companies.
• Permanent Account Number is must to apply these bonds.

• Yield of the bond – The yield of the bond shall not exceed
the yield on government securities of corresponding residual
maturity, as reported by the Fixed Income Money Market and
Derivatives Association of India (FIMMDA), as on the last
working day of the month immediately proceeding the month
of the issue of the bond.

Section 80CCF of the Income-tax Act, 1961 – Deduction – In


respect of subscription to long-term infrastructure bonds –
Notified long-term infrastructure bond

Notification No. 48/2010[F.No.149/84/2010-SO(TPL)], dated 9-


7-2010In exercise of the powers conferred by section 80CCF of
the Income-tax Act, 1961 (43 of 1961), the Central Government
hereby specifies bonds, subject to the following conditions, as
long-term infrastructure bonds for the purposes of the said
section namely :

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(a) Name of the bond – The name of the bond shall be “Long-
term Infrastructure Bond”.

(b) Issuer of the bond – The bond shall be issued by:-

(i) Industrial Finance Corporation of India;

(ii) Life Insurance Corporation of India;

(iii) Infrastructure Development Finance Company Limited;

(iv) A Non-Banking Finance Company classified as an


Infrastructure Finance Company by the Reserve Bank of India;

(c) Limit on issuance –

(i) The bond will be issued during financial year 2010-


11;
(ii) The volume of issuance during the financial year shall be
restricted to twenty-five per cent of the incremental infrastructure
investments made by the issuer during the financial year 2009-
10;
(iii) Investment’ for the purposes of this limit includes
loans, bonds, and other forms of debt, quasi-equity, preference
equity and equity.

(d) Tenure of the bond –

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(i) A minimum period of ten years.

(ii) The minimum lock-in period for an investor shall be five years:

(iii) After the lock in, the investor may exit either through the
secondary market or through a buyback facility, specified by the
issuer in the issue document at the time of issue;
(iv)The bond shall also be allowed as pledge or lien or
hypothecation for obtaining loans from Scheduled Commercial
Banks, after the said lock-in period;

(e) Permanent Account Number (PAN) to be furnished – It


shall be mandatory for the subscribers to furnish there PAN
to the issuer;

(f) Yield of the bond – The yield of the bond shall not exceed the
yield on government securities of corresponding residual maturity,
as reported by the Fixed Income Money Market and Derivatives
Association of India (FIMMDA), as on the last working day of the
month immediately preceding the month of the issue of the bond;

(g) End-use of proceeds and reporting or monitoring


mechanism –

(i) The proceeds shall be utilizes towards infrastructure


lending’ as defined by the Reserve Bank of India in
the Guidelines: issued by it.
(ii) The end-use shall be duly reported in the Annual
Reports and other reports submitted by the issuer to

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the Regulatory Authority concerned, and specifically
certified by the Statutory Auditor of the issuer;
(iii) The issuer shall also file these along with term sheets to the
Infrastructure Division, Department of Economic Affairs, and
Ministry of Finance within three months from the end of financial
year.

PROMOTIONAL ACTIVITIES
• Merchant banking operations.
• The objective of IFCI in this case has been:
• Fill in the gaps in the industrial infrastructure for promotion &
growth of industries.
• To provide much needed guidance in project identification,
formulation, implementation, operation etc. to the new tiny
small scale and medium scale entrepreneurs.
• To improve the productivity of human and material
resources, a better deal to the weaker, underprivileged
sections of the society in line with socio- economic objectives
laid down by government of India.

ABOUT THE RESEARCH PROBLEM

The study poses a management dilemma in the form of


trying to understand the level of effectiveness of IFCI bank. To

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answer this management problem research has be undertaken in
two main areas. The first concern is with the informational factors
which mainly deal with the credibility and usage of advice
facilitated by diversification of IFCI bank. Some most common
features of informational factors are:-

• Accuracy

• Reliability

• Timeliness

• Completeness

• Clarity

• Lucidity

• Conciseness

We also have another factor to be taken into consideration


that is in the form of economic and convenient usage of advisory
services which make the information content more appealing.
These factors can be expected show major changes in the
perceptions of the end users as some people expect a highly
experienced advisor while some don’t. So the study will be

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assessing various indicators under these heads and the investors’
preferences.

OBJECTIVES

• PRIMARY OBJECTIVES

• SECONDARY OBJECTIVES

RESEARCH METHODOLOGY

The methodology, I have adopted for my project is basically


secondary. Through internet I have collected the data related to
the project like because there is no primary data available to me
and the secondary data which I have collected for my project are:

• Various diversification strategies of the company.


• Profile and history of the company.
• Upcoming diversifications

LIMITATIONS OF THE STUDY

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• The study was conducted for a short period of time i.e. 4
weeks.
• Some of the respondents did not respond properly due to
their busy schedule.
• Information received from the respondents may not be true
as they may not have had taken much care to fill in the
responses pertaining to all the queries with the same level of
dexterity.

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CONCLUSION

IFCI Limited is an India-based company. The Company is


engaged in providing project financing, financial services and
investments. Its subsidiaries include IFCI Infrastructure
Development Ltd (IIDL), which is focused on infrastructure sector;
IFCI Venture Capital Funds Ltd (IVCF) is promoting
entrepreneurship by providing institutional support to the first
generation technocrats and entrepreneurs for setting up its own
ventures in the medium sector; IFCI Financial Services Ltd (IFIN),
which is engaged in stock broking, investment banking, mutual
fund distribution and advisory services, depository participant
services and insurance products; MPCON Ltd, a technical
consultancy organization (TCO), is engaged in providing
consultancy services in the states of Madhya Pradesh, Rajasthan
and Chhattisgarh. The Company is also engaged in small
business, training and skill development, and IFCI Factors Ltd
(IFL).

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Bibliography

www.Ifciltd.com
www.business-standered.com
www.stockfry.com
www.expressindia.com
www.bankingindiaupdate.com
www.ifcifactors.com

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