S.B. Nayar appointed CMD of IIFCL

S B Nayar appointed Chairman and Managing Director of India Infrastructure Finance Corp Limited

Created On: Dec 20, 2013 18:25 ISTModified On: Dec 20, 2013 18:29 IST

S.B. Nayar was appointed as chairman and managing director (CMD) of India Infrastructure Finance Co. Ltd (IIFCL). IIFCL is a state-owned firm that funds infrastructure projects.

Nayar will have a term of three years. He presently works as head of Industrial Finance Corporation of India Limited (IFCIL), another state-owned financier.

About IIFCL:
India Infrastructure Finance Corporation Ltd (IIFCL) was incorporated in 2006 as a wholly-owned Government of India company.

It was set up as a special purpose vehicle (SPV) to provide long term finance to viable infrastructure projects.

A SPV is a legal entity formed to direct the resources for a single, well defined and  narrow purpose. In India, the genesis of SPV is found in the Union Budget 2005-06.

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