IL&FS

What IL&FS does

IL&FS Financial Services Limited (IFIN) is a Mumbai-headquartered, systemically important non-public deposit-taking Non-Banking Financial Company (NBFC) that has provided infrastructure and project financing since 1995. It serves state agencies, financial institutions, and medium-to-large corporates across roads, renewables, hospitality, and real estate, including lending to group entities such as IL&FS Engineering and Construction, IL&FS Transportation, IEDCL, IPRWL, and IEISL, as well as external corporates like Greenko Group, RIDCOR, Wondervalue Realty, and Aria Hotels.

IFIN's core product set is wholesale, project-linked term lending (loans, subscription to bonds/debentures, mezzanine financing), supplemented by offshore funding access (Masala bonds, Dim Sum bonds, External Commercial Borrowings). The underlying technology stack is conventional financial intermediation rather than a proprietary digital platform: credit assessment, servicing, and treasury operations are executed through standard NBFC back-office systems; no AI/ML, cloud-native underwriting engines, or digital product surfaces are disclosed. Revenue mechanics are interest income from loan assets, fee/commission income on structured finance mandates, and treasury gains on bond/investment books.

The business model relies on wholesale liability raising (domestic and international), large-ticket infrastructure asset creation, and cross-cyclical relationship lending to IL&FS group and external promoters. Total income for FY2016-17 stood at Rs 23,465 million against total assets of Rs 195,626 million and net worth of Rs 24,071 million. Since October 2018 the entity has been operating under NCLT proceedings with a government-nominated board, and in March 2020 the NCLAT approved a Resolution Framework — meaning current operations are subordinated to an asset-monetization and creditor-resolution mandate rather than fresh origination.

Name

IL&FS

Legal name

IL&FS Financial Services Limited

Website

https://ilfsifin.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

IL&FS Financial Services (IFIN) is a systemically important Indian NBFC (founded 1995) that provides infrastructure and project financing to state agencies, financial institutions, and large corporates; it is currently operating under NCLT resolution with an NCLAT-approved framework.

Ownership category

akta.pro rank

Product category

Infrastructure Project Finance

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industry

Direct Lending — Asset-Based Lending (ABL) (FSAHAJAE)

Keywords

• Infrastructure financing
• Project finance lending
• Non-banking financial services
• Wholesale credit facilities
• Renewable energy lending

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Interest Income from Infrastructure Lending: Core revenue from providing debt financing to infrastructure projects including solar, wind, highways, and industrial developments. The company earns interest income on its loan portfolio extended to various project SPVs.
2. Operating Income from Financial Services: Operating income derived from financial services activities including loan processing fees, commitment fees, and other financial services charges on the lending portfolio.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

IFIN is a Systemically Important Non-Public Deposit taking NBFC that provides wholesale infrastructure debt financing to state agencies, other financial institutions, and medium and large corporates. It extends credit to infrastructure projects in renewable energy (solar, wind), highways, industrial infrastructure, environmental services, and real estate, structured via formal financing documentation and syndicated lending arrangements.

Product overview

IL&FS Financial Services Limited (IFIN) operates as a single core offering: infrastructure and project financing services. As a Systemically Important Non-Public Deposit taking NBFC, IFIN provides credit products and financial services primarily to state agencies, financial institutions, and medium-to-large corporates. The company also offers certain credit products suitable for individuals and smaller entities. IFIN does not operate a platform-plus-modules architecture but rather functions as a unified financial services entity focused on debt financing, with no separate named product modules identified in the available source material.

Differentiator

Problem solved

Functional benefit

Products and services

• Infrastructure Project Financing Wholesale debt financing for infrastructure projects across renewable energy (solar and wind), highways, industrial infrastructure, environmental services, and real estate, extended to state agencies, other financial institutions, and medium and large corporates through formal financing documentation.
• Capital Markets Fund-raising (NCDs, Masala Bonds, Dim Sum Bonds, ECBs) Arrangement of wholesale funding through non-convertible debentures listed on BSE, offshore masala and dim sum bond issuances, and external commercial borrowings to finance infrastructure loan portfolios.

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• IL&FS TransportationcoreStrategic or Co-development Partner · 1 January 2018IL&FS Transportation, a group subsidiary, raised $50 million via masala bonds in November 2016, demonstrating coordinated fund-raising within the IL&FS group ecosystem for infrastructure projects.
• Greenko GroupcoreStrategic or Co-development Partner · 1 March 2017IFIN financed Greenko Group's renewable energy projects including a 120 MW wind project in Rajasthan (via Tanot Wind Power Ventures) and 15 MW captive wind project in Karnataka (via Mangalore Energies), supporting India's renewable energy infrastructure development.
• IL&FS Energy Development Company Limited (IEDCL)coreStrategic or Co-development PartnerFinancing partner for renewable energy projects including 2x20 MW solar projects in Madhya Pradesh, supporting IL&FS group's solar energy infrastructure development under JNNSM Phase II Batch 1.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Power Finance Corporation: Government-owned infrastructure and power-sector financier that competes directly with IFIN in long-term debt to state agencies, utilities, and large infrastructure projects. Highly comparable wholesale infrastructure lending model.
• REC Limited: Premier Indian infrastructure and power financier, now under the Power Finance Corporation group. Directly competes with IFIN in financing renewable energy, transmission, and large infrastructure projects.
• India Infrastructure Finance Company Limited (IIFCL): Government-owned infrastructure financier providing long-term debt to commercially viable infrastructure projects. Closest analogue to IFIN's NBFC infrastructure-finance mandate with policy backing.
• PTC India Financial Services: NBFC focused on financing power and infrastructure projects in India, with similar direct lending, project finance, and renewable energy exposure to IFIN.
• IFCI Limited: India's oldest DFI-style institution providing long-term finance to industry and infrastructure. Closely comparable institutional infrastructure lender with similar project-finance mandate.
• Srei Infrastructure Finance: Indian NBFC focused on infrastructure equipment finance and project funding. Comparable wholesale infrastructure financing business model, also undergoing its own stressed-asset resolution.

Broad incumbents

• National Bank for Financing Infrastructure and Development (NaBFID): Newly created government-backed DFI for infrastructure financing. Successor institution to the policy infrastructure lending IFIN was once positioned to provide, and now a major competitor in the same ticket sizes.
• L&T Finance Holdings: Diversified Indian NBFC with significant infrastructure and project finance exposure. Offers comparable wholesale lending capabilities alongside retail and rural finance, making IFIN a narrower niche competitor.
• HDFC Ltd (now merged with HDFC Bank): India's largest housing and infrastructure finance institution, with material project finance and infrastructure lending books. While broader, it overlaps with IFIN's corporate infrastructure lending activities.
• IDFC First Bank: Originally IDFC, an infrastructure-focused institution that converted into a bank. Comparable in its institutional infrastructure lending heritage and overlap with IFIN's project finance customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IL&FS