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