Government appoints Rahul Bhave as MD and CEO of IFCI for three years

The government has approved the appointment of Rahul Bhave as Managing Director and CEO of financial institution IFCI.

Bhave, serving as Deputy Managing Director, has been appointed as MD and CEO for three years from the date of taking over, a government order said.

The appointment has been approved by the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister.

The Industrial Finance Corporation of India (IFCI) was set up by the government on July 1, 1948, as the first development financial institution in the country.

The finance ministry, in November 2024, in principle approved the 'Consolidation of IFCI Group', which entails the merger/amalgamation of IFCI Ltd and StockHolding Corporation of India Ltd and other group companies.

As per the proposal, StockHolding Corporation of India Ltd, IFCI Factors Ltd, IFCI Infrastructure Development Ltd, and IIDL Realtors Ltd will merge with IFCI Ltd.

Further, StockHolding Services Ltd, IFCI Financial Services Ltd, IFIN Commodities Ltd, and IFIN Credit Ltd will be merged into a single entity, which will be a direct subsidiary of the consolidated listed entity.

Additionally, StockHolding Document Management Services Ltd, StockHolding Securities IFSC Ltd, IFIN Securities Finance Ltd, IFCI Venture Capital Funds Ltd and MPCON Ltd shall be direct subsidiaries of the consolidated listed entity that is IFCI.