India Infrastructure Finance Company

P.R. Jaishankar serves as Managing Director and is the most senior executive overseeing credit and financing operations, with Rohit Rishi joining as Managing Director in 2026. Deputy Managing Director Pawan Kumar Kumar holds operational responsibility for key divisions. The Board of Directors, appointed by the Government of India, retains ultimate sanction authority for large exposures, consistent with its public-sector governance structure. All senior appointments are made through government channels.

IIFCL is a wholly government-owned non-banking financial company (NBFC-ND-IFC) classified specifically as an infrastructure finance company. It does not take retail deposits, cannot issue checking accounts, and operates outside the RBI's banking regulation framework for capital adequacy and reserve requirements. Its legal structure allows it to focus purely on project finance and structured credit enhancement without competing in commercial banking markets.

IIFCL raises debt through multiple channels: rupee-denominated bonds in India's domestic capital markets, credit lines from multilateral development banks, and foreign-currency borrowings through its wholly owned London subsidiary, IIFC (UK). The institution carries an explicit sovereign ownership, which enables it to borrow at near-government rates despite its project-finance credit exposure.

IIFCL sponsors Infrastructure Investment Trusts (InvITs) and infrastructure project bonds as refinancing and capital-recycling vehicles. Through the Infrastructure Asset Management Company (IAMCL), it pools operational infrastructure assets into trust structures, selling units to institutional investors. This allows IIFCL to release capital from completed projects and redeploy it into new greenfield lending.

IIFCL's lending mandate is domestic, focused entirely on infrastructure projects within India. Its London subsidiary, IIFC (UK), exists solely as a treasury vehicle to raise foreign-currency debt and facilitate import financing for Indian infrastructure borrowers. The institution does not participate in international project finance except where the end-use is an Indian infrastructure asset.

IIFCL is a direct long-term debt provider to project SPVs, while the National Investment and Infrastructure Fund (NIIF) operates as a fund-of-funds and direct equity investor. IIFCL focuses on the credit side — senior secured loans, takeout finance, and guarantees — whereas NIIF raises third-party capital for equity stakes in operating infrastructure platforms.

IIFCL does not finance residential or commercial real estate development, IT services, or non-infrastructure corporate lending. Its charter restricts it to core infrastructure sectors as defined by India's infrastructure regulators: transport, energy, water, urban infrastructure, and related logistics. Social infrastructure such as education and healthcare is generally outside its lending scope unless explicitly linked to a qualifying infrastructure project.