New Delhi: The Government has appointed Rahul Bhave as the Managing Director and Chief Executive Officer of IFCI Ltd, a leading financial institution in India. Bhave, who has been serving as the Deputy Managing Director, will assume the role for a tenure of three years from the date of taking charge, according to an official order.
The appointment has been approved by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister.
Established on July 1, 1948, as the country’s first development financial institution, IFCI plays a crucial role in providing financial support for industrial and infrastructure development.
In a significant development, the Ministry of Finance had, in November 2024, given in-principle approval for the 'Consolidation of IFCI Group'. The proposed restructuring involves the merger and amalgamation of IFCI Ltd with StockHolding Corporation of India Ltd and other group entities to streamline operations and enhance efficiency.
As per the consolidation plan, StockHolding Corporation of India Ltd, IFCI Factors Ltd, IFCI Infrastructure Development Ltd, and IIDL Realtors Ltd will merge with IFCI Ltd. Additionally, StockHolding Services Ltd, IFCI Financial Services Ltd, IFIN Commodities Ltd, and IFIN Credit Ltd will be integrated into a single entity, which will operate as a direct subsidiary of the newly consolidated listed entity.
Furthermore, StockHolding Document Management Services Ltd, StockHolding Securities IFSC Ltd, IFIN Securities Finance Ltd, IFCI Venture Capital Funds Ltd, and MPCON Ltd will function as direct subsidiaries under the restructured IFCI.
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