IIFCL's Ambitious Growth Plan: Aiming for Rs 1 Lakh Crore in 3 Years

IIFCL aims to expand its loan book by Rs 1 lakh crore in the next three years, driven by strong past performance. Financial Services Secretary M Nagaraju emphasized the need for innovative financing in new projects to fulfill India's infrastructure goals, urging collaboration among financial institutions.

Financial Services Secretary M Nagaraju has announced ambitious growth targets for state-owned infrastructure financier IIFCL, aiming to expand its loan book by Rs 1 lakh crore over the next three years. This comes on the back of the firm's robust performance in the past four years.

Having sanctioned loans worth Rs 2.8 lakh crore thus far, IIFCL has disbursed about Rs 1.4 lakh crore, with half of this occurring in the last 4-5 years. Nagaraju, speaking at the institution's 20th foundation day, expressed confidence in the company's ability to contribute to the Vikshit Bharat aspiration through innovative and complex financing solutions.

Nagaraju urged financial entities to shift focus from completed projects to greenfield projects to create fresh assets. He highlighted the importance of risk management and fraud prevention, also calling for resource pooling among NBFCs and banks for financing large-scale projects. M P Tangirala, Additional Secretary DFS, highlighted infrastructure development as a key growth catalyst, noting the government's initiatives such as the National Infrastructure Pipeline.

(With inputs from agencies.)