IIFCL hopeful of recovery through IBC resolution

India Infrastructure Finance Company Ltd today said it was hopeful of speedy recovery in accordance with the resolution procedure of the Insolvency and Bankruptcy Code (IBC).

"IBC will help in recovery for us. But, I don't know to what extent. This year is expected to be better," IIFCL CGM Rakesh Kumar said here, on the sidelines of the BCCI Infrastructure Summit.

In the 2017-18 fiscal, IIFCL had posted losses for the first time since inception, due to high provisioning, he said. Extraordinary items were to the tune of Rs 1,068 crore.

The state-owned infrastructure financier said recovery will add to the bottomline of the company, as provisioning had already been done.

Kumar said large PPP model projects had slowed down, and as such IIFCL does not participate in full-government ones.

He, however, said constructing warehouses through the PPP route could be a new area, and that the renewable sector is also growing fast.

Roads and the power sector are the key segments for the company with about 85 per cent of total exposure, Kumar said.

IIFCL clocked a revenue of Rs 3,568 crore in the last fiscal, posting a loss of Rs 1,027 crore.