[4], In 2008–09, the company subscribed 100% of equity shares of IDFC Capital (Singapore) Pte Ltd. During the year, the company established IDFC Foundation to focus on capacity building, policy advisory and sustainability initiatives. Few analysts including British Hedge Fund Manager Rahul Arora argued that the default was technically a default on sovereign debt, as state-owned corporations represented over 51% stake in the company. [3], In May 2008, the company entered into asset management by acquiring the AMC business of Standard Chartered Bank in India, namely Standard Chartered Asset Management Company Pvt Ltd and Standard Chartered Trustee Company Pvt Ltd; the acquired companies was re-branded as IDFC Asset Management Company Pvt Ltd and IDFC AMC Trustee Company Pvt Ltd respectively. Infrastructure Development Finance Company Limited, more commonly known as IDFC, is a finance company based in India. ", "The IL&FS fiasco represents India's domestic belt and road quicksand", "Letter from company secretary, IL & FS Financial services to Bombay stock exchange", "Letter from IL & FS Transportation (24 September 2018)", "Can the Centre's white knights rescue IL&FS? ... Subsidiaries: IDFC Project Equity IDFC First Bank IDFC Securities IDFC Pension Fund Management [2], In August 2005 the company's equity shares were listed at the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) after an initial public offering. [29], On 2 April 2019, the SFIO arrested the former vice-chairman of IL&FS, Hari Sankaran, in Mumbai for fraud and causing wrongful loss to the troubled infrastructure lender. On 1 Oct 2018, the Government of India took steps to take control of the company and arrest the spread of the contagion to the financial markets. [33], In April 2020 the Indian Government's Corporate Affairs Secretary, Injeti Srinivas, said he expected to recover a substantial part of the company's ₹94,000 crore debt. State Bank of India (SBI) was a share holder till 2017, after which it sold its stake in the company. We have been an integral part of the country's development story since 1997, when our company was formed with the specific mandate to build the nation. IL&FS also has large investments in its own subsidiaries, as well as in the equity market. [15] Though on the surface, the company appears to have 23 direct subsidiaries, 141 indirect subsidiaries (including special purpose vehicles for different projects), 6 joint ventures and 4 associate companies, each of them is further subdivided into additional legal entities, with much cross ownership as well as ownership by investment vehicles of various governments. While ₹7 crore cash payment was made to IL&FS Infrastructure Equity Fund and IL&FS Employees Welfare Trust, the infrastructure major also took a 20% stake in A2Z Infraservices by way of a stock swap.

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