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State-owned IIFCL has requested the government to bring the space sector under the harmonized list of infrastructure for easier financing of satellite vehicle manufacturing activity in the country. Currently, India Infrastructure Finance Company Limited (IIFCL) is providing advisory services to the Indian Space Research Organisation (ISRO) through its subsidiary IIFCL Projects Limited (IPL). "The space sector is something which we have been engaged in through our subsidiary IPL. IPL got repeated mandates from ISRO for helping them in many of their endeavours, including transfer of space satellites," IIFCL managing director P R Jaishankar told PTI. IIFCL subsidiary has helped in transferring 13 satellites from ISRO to NSIL which involved a very complicated legal process, he said, adding IPL has also done their business plans.

IIFCL seeks infra tag for space sector; keen to finance satellite vehicles manufacturing: MD

India has secured two Asian Development Bank (ADB) loans valued at INR73.2 billion (USD850 million) to support the nation’s green and sustainable infrastructure projects as well as the manufacturing sector and its supply chains, respectively.
The USD500 million loan for sustainable infrastructure will be extended to India Infrastructure Finance Company Limited (IIFCL) with a sovereign guarantee. This means that, should IIFCL default, the government will step in and pay the financial obligations. The USD350 million loan to support India’s manufacturing sector and its supply chains have been granted in alignment with India’s climate commitments and ADB’s Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) programme. IIFCL is a wholly government-owned company and has worked closely with ADB over the years. The Financing Environmentally Sustainable Growth in Infrastructure Project will build IIFCL’s capacity to integrate best green practices into its infrastructure projects.

India secures USD850m in ADB green, manufacturing loans

IIFCL's business grew at a CAGR of 17 percent in the last 5 years. Secretary DFS advised that the IIFCL should focus on diversification of its portfolio across various sub sectors of infrastructure segment and continue to ensure the asset quality of its portfolio,

DFS Secretary asks IIFCL to diversify portfolio across infra segment

IIFCL’s loan portfolio is fully concentrated in the infrastructure sector, exposing it to risks like project delays, cost overruns, and execution challenges that may affect its financial returns.



IIFCL’s credit profile remains vulnerable due to borrower concentration, with the top 20 customers holding 56% of loans (down from 63% in 2023). Top 10 borrowers account for 50% of loans as of December 31, 2024, mainly highly rated PSUs. Power and road projects comprise ~62% of the AUM.



The issuer has made timely interest payments.

Palash Srivastava, Managing Director (Addl.Charge)

IIFCL, fully owned by GoI, is strategically vital for infrastructure financing. GoI supports it through past equity infusions (₹5,797.6 crore till FY20), guarantees ~30% of its ₹59,951 crore borrowings (as of Dec 31, 2024), and holds board representation.


IIFCL is a key institution for financing commercially viable infrastructure projects across sectors like transport, energy, water, communication, and social infrastructure, as per the harmonised master list by the Ministry of Finance.


As of Dec 31, 2024, IIFCL had ₹59,593 crore in borrowings from diversified, low-cost sources 47% via secured bonds and 53% from banks and multilateral institutions, mainly ADB, JICA, EIB, World Bank, and KfW. All foreign borrowings are GoI-guaranteed, with 74% hedged.



Rating agency	Rating	Needle position
ICRA	AAA Stable	near High Safety
CARE	AAA Stable	near High Safety

Security Name: 7.36% India Infrastructure Finance Company Limited (Tax free) 22 Jan 2028

ISIN: INE787H07149

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