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Finance Ministry Approves IFCI Group Consolidation Plan

The Department of Financial Services (DFS) under the Finance Ministry has granted ‘in-principle’ approval for the consolidation of the IFCI Group, marking a significant step toward restructuring and streamlining its operations. The plan involves the merger or amalgamation of IFCI Limited, StockHolding Corporation of India Limited, and other group companies to form a unified financial entity. In tandem, the board of IFCI Limited has also provided its nod to initiate the consolidation process. IFCI Limited confirmed the development in a regulatory filing on Friday, noting that the plan will be executed in compliance with all applicable laws and regulations. Consolidation Plan Highlights: Merger Entities: Key companies, including StockHolding Corporation of India Limited, IFCI Factors Limited, IFCI Infrastructure Development Ltd, and IIDL Realtors Limited, will be merged with IFCI Limited, the publicly listed parent entity. Subsidiary Restructuring: Subsidiaries such as StockHolding Services Limited, IFCI Financial Services Limited, IFIN Commodities Limited, and IFIN Credit Limited will be consolidated into a single subsidiary of the parent entity. Direct Subsidiaries: Other group entities, including StockHolding Document Management Services, IFIN Securities Finance, and IFCI Venture Capital Funds, will become direct subsidiaries of the consolidated listed entity. The Centre has been actively supporting IFCI Limited, infusing ₹500 crore in April 2024 through equity allotment at ₹40.33 per share. This backing has coincided with IFCI’s improving financial performance, with the company reporting a net profit of ₹185 crore for Q2 FY2024, up 7% from ₹173 crore in the same quarter last year. The consolidation is expected to enhance operational efficiencies and reinforce the group’s market positioning, driving future growth in India’s financial sector. Source: thehindubusinessline Photo Credit: thehindubusinessline

UP Govt Allocates ₹25 Crore for Repair Work of GIMS Hospital

The Uttar Pradesh government has allotted ₹25 crore to rebuild the Government Institute of Medical Sciences (GIMS) in Greater Noida, state health authorities said on Thursday. GIMS, one of the largest government medical facilities in western Uttar Pradesh, is plagued by structural flaws in its foundation, which cause it to flood, authorities said. The institute, which covers 15 acres in Greater Noida’s Kasna district, began to develop fractures as a result of the pouring water. As a result, the administration has left a large portion of the basement unfinished. The Uttar Pradesh cabinet met earlier in June and authorised the allotment of cash for GIMS repairs. Apart from that, the cabinet accepted a plan to transfer ownership of the 500-bed government hospital from the Greater Noida administration to GIMS. The government hospital, built in 2011 by the Greater Noida council, was affiliated to GIMS, which was founded in 2016. Despite its affiliation with GIMS, the hospital was formerly overseen by the Greater Noida administration. Partha Sarthi Sen Sharma, senior secretary of the health and family welfare department, gave orders to GIMS and other agencies on July 14 to carry out the necessary repairs, authorities said on Thursday. “The governor approved the work to strengthen the basement of the GIMS hospital building in Greater Noida.” The Greater Noida Industrial Development Authority (GNIDA) will finish the Finance Expenditure Committee’s project at a cost of Rs. 25.48 crore, according to the letter signed by Sharma and copied to GIMS and Greater Noida. According to GIMS director Dr. (Brig) Rakesh Gupta, structural issues in the basement pose a significant risk to the five-story hospital structure, which sees thousands of patients every day for treatment. “Since 2019, we have been pleading with the state government to raise awareness of the problem, provide funding for repairs, and pick a company to do the work.