Fairfax India Holdings Corporation, a long standing investor in IIFL Finance, has announced its commitment to provide liquidity support amidst the recent Reserve Bank of India (RBI) embargo effective 05 March 2024, on the company's gold loan disbursements.
The RBI's embargo has raised liquidity concerns amongst the company's investors and lenders. In response to these concerns, Fairfax India has agreed to invest up to US$200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any).
"We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards, said Prem Watsa, Chairman of Fairfax India.
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