IIFC group was established with the motive to develop the company economy under the leadership of Dr. Rakesh Mohan in 1994. The group is intended to carry a review process on long term funds made available to maintain the infrastructure products efficiently. Further in the process an announcement was made in speech of finance minster in 1996 regarding the formation of Infrastructure finance company (IDFC) in 1997 company was incorporated as one of the major public oriented company headquartered in Chennai. The main theme of IDFC group is to encourage the organizations for maintaining the standard infrastructure which best suits for their business actions in market environment (Infrastructure development finance company limited, 2010). In general the group works closely with [the governing bodies of] state governments. In some infrastructure sector, companies also participate as private initiative to attain major projects. In order to attract many private firms
The various events which effectively lead to IIFCL formation are listed below (Bondissue, 2011).
- In 1997- Commencement of business
- 1998- merged with Reserve Bank India as Non Financial Banking Company(NFBC)
- 1999- Listed Net Private Domestic Investment(NPDI)
- 2000- Merged with Securities and Exchange Board of India(SEBI)
- 2001- Listed as trustee with SEBI
- 2002- IDFC is incorporate as subsidiary for Uttarakhand state infrastructure development corporation (UIDC)
- 2003 – Formation of India development foundation (IDF).
- 2005-IDFC signs agreement with IFC for $50 m loan
- 2006-IDFC pierces into MoU with union bank of India and state bank of India
- 2007-acquired over 6.6% stake in Andhra Cements.
- 2008- IIFCL hosted as Standard Chartered Management asset in India.
- Infrastructure development finance company limited (2010), [internet] available at URL http://www.indiainfoline.com/Markets/Company/Background/Company-Profile/Infrastructure-Development-Finance-Company-Ltd/532659 [accessed on April 3rd,2011]
- Bond issue (2011),[internet] available at URL http://ak57.in/bonds/india-infrastructure-finance-company-bond-issue/3728/ [accessed on August 23,2011]