Indian Railway Finance Corp.Ltd.

Incorporated in 1986, the Indian Railway Finance Corporation (IRFC) is a public-sector enterprise that is wholly-owned by the Government of India. IRFC is primarily engaged in financing the acquisition of rolling stock assets, leasing of railway infrastructure assets, and lending to entities under the Ministry of Railways (MoR). Being the borrowing arm of Indian Railways, IRFC is responsible to raise funds for MoR that is required to procure rolling stock assets (wagons, trucks, electric multiple units, locomotives, coaches), its improvement, expansion, and assets management.It follows a financial leasing model to finance rolling stock assets procurement for a lease period of 30 years. In fiscal 2019, the actual capital expenditures by the Indian Railways were Rs. 1,334 billion, out of which, IRFC financed Rs. 525.35 bn accounting for 39.34% expenditures.Competitive strengthsStrategic role in Indian Railways growth.Sound credit rating i.e. CRISIL AAA/A1+ and ICRA AAA/A1+.Competitive cost of borrowing.Strong financial performance.Sound asset-liability management.Experienced management team.

Indian Railway Finance Corp.Ltd. proposes to utilise the net proceeds from the Issue for the following objects: