Rahul Bhave Appointed as IFCI MD & CEO Amidst Consolidation Plans

The government has approved the appointment of Rahul Bhave as MD and CEO of IFCI for three years. Simultaneously, plans for consolidating the IFCI Group, involving several mergers, have been set in motion. This comes after authorization from the Appointments Committee of the Cabinet led by the Prime Minister.

Rahul Bhave has been appointed as the new Managing Director and CEO of the Industrial Finance Corporation of India (IFCI), following approval from the government's Appointments Committee of the Cabinet.

Bhave, previously serving as Deputy Managing Director, will take on his new role for a tenure of three years, commencing from his official date of assumption.

The finance ministry's November 2024 proposal for consolidating the IFCI Group received in-principle approval, leading to the merger of several entities, aimed at streamlining operations within the financial institution.

(With inputs from agencies.)