IFCI has received an approval for divestment of its entire stake in Tourism Finance Corporation of India (TFCI), comprising 210,59,929 equity shares i.e. 26.09% stake in TFCI, as part of its disinvestments of its non-core assets. The board of directors at its meeting held on May 19, 2017 has approved for the same.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.