S.B. Nayar appointed as IIFCL’s CMD
- The government appointed S.B. Nayar as chairman and managing director (CMD) of India Infrastructure Finance Co. Ltd(IIFCL).
- IIFCL is a state-owned firm that funds infrastructure projects.
- He will have a term of three years.
ABOUT S.B. NAYAR
- He currently works as the head of Industrial Finance Corporation of India Limited (IFCIL), another state-owned financier.
- Prior to his appointment at IFCI, he was the deputy managing director at State Bank of India.
ABOUT IIFCL
- Wholly-owned Government of India company
- It provides 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.
- A Special Purpose Vehicle (SPV) is a legal entity created for a specific purpose.
- Sectors for which it provides funding are transportation, energy, water, sanitation, communication, social and commercial infrastructure.
- Founded- 2006
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