Tourism Finance Corporation India undergoes major leadership shift

Kolkata: The Tourism Finance Corporation India Ltd (TFCIL) has undergone a major leadership shift with G.D. Mundra putting in his papers as the Director of the public finance institution.

In March this year, TFCIL informed the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) about the transfer of 22,23,000 shares (paid up equity value of Rs 10 each) at a rate of Rs 225 per share to Aditya Kumar Halwasiya.

This was backed by the directors of the company at the Annual General Meeting. Halsawiya now owns over 15 per cent of the company. The resignation of Mundhra, the last director from the previous promoter group of TFCIL, has now provided Halwasiya a firm grip on the operations of the company.

“I have full faith in the competency of the Board and the management of TFCIL. I am proud to be a stakeholder and very upbeat on the journey ahead for the company, just as Bharat is in the middle of a multi-year tourism boost,” Halwasiya said.

TFCIL is a premier public financial institution that provides finance and advisory services to the tourism sector in India.

Set up in 1989, TFCIL also provides finance to educational institutions, the healthcare sector, non-banking financial companies, the real estate sector engaged in affordable housing schemes, services such as logistics and warehousing, renewable energy, and the manufacturing sector.

Over the last three decades, TFCIL has been instrumental in the development of over 50,000 star-category hotel rooms and other tourism attractions in India including resorts in Kerala, Goa, and other states across India.

TFCIL has also been associated with the Palace on Wheels luxury train.