New Delhi: Padmanabhan Raja Jaishankar has been appointed as Managing Director (MD) of India Infrastructure Finance Company Limited (IIFCL). The Appointments Committee of the Cabinet (ACC) has approved his appointment for a period of three years with effect from May 29. Prior to this assignment, he was serving as Executive Director (ED), National Housing Bank (NHB). With this, Jaishankar has succeeded Pankaj Jain, who was serving the organisation since January 1, 2016. Jaishankar holds a master's degree in technology (M Tech) from the Indian Institute of Technology (IIT), Delhi. He is an MBA (Finance) from the Faculty of Management Studies (FMS), Delhi University.
Jaishankar has rich experience of over 32 years in development banking & financial domains, handling top management and board-level roles in the infrastructure, mortgage finance and capital markets sectors. He had served as Director & CEO of IIFCL Projects Ltd (IPL), Chairman (Board of Trustee) of IIFCL Asset Management Company Limited (IAMCL), Director of IFCI Factors Ltd and Chief General Manager of IIFCL. He was in the Board of India Mortgage Credit Guarantee Corporation (IMGC). He had also served in various positions in the NHB and Housing and Urban Development Corporation Limited.
He had headed the Infrastructure and Housing Project Financing and led the development of New and Innovative Financial Products in India. These include structuring the first-ever mortgage-backed securitization transaction, Takeout finance, credit enhancement, subordinate debt, reverse mortgages, first PPP housing project etc. He has also handled project transaction, debt syndication and financial advisory services, chaired IIFCL's Infrastructure Development Funds (Mutual Funds) and other related initiatives. He was also actively engaged in assisting the government in its various committees on sectoral policies, which includes leading the initiative for the formation of the first dedicated credit enhancement company for the infrastructure sector on behalf of IIFCL, pursuant to an announcement in the union budget.
IIFCL is a wholly-owned Government of India company set up in 2006 to provide long term finance to viable infrastructure projects through the Scheme for Financing Viable Infrastructure Projects through a Special Purpose Vehicle called India Infrastructure Finance Company Ltd (IIFCL), broadly referred to as SIFTI. IIFCL provides long-term funds to commercially viable infrastructure projects, taking an exposure of up to 20 percent of total project cost etc.
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