ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Mirza Tanners

EPW Research Foundation Tourism Finance Corporation PROMOTED by IFCI along with other all- India institutions and nationalised banks, the Tourism Finance Corporation of India (TFCI) was set up five years ago as a special all- India financial institution to cater to the long- term credit needs of the tourism industry. TFCI has been financing both conventional and non-conventional tourism projects like hotels, restaurants, holiday resorts, amusement parks, safari ropeways, parks, air taxi services, tourist emporia, and sports facilities which have importance for developing tourism but which are not eligible for institutional finance. Tourism being one of the major foreign exchange earner, the department of tourism, government of India, has launched a national action plan for stepping up the country's tourist arrivals from 1.8 million to 5 million by the end of the century. With this target in view necessary investment in infrastructure is being undertaken. TFCI being the uniquely placed financial institution for this purpose, is to play a crucial catalytic role and hopes to have a tremendous growth potential. To part finance the future requirements of the funds for the tourism sector and to widen the shareholders base of the company, TFCI is for the first time entering the capital market on September 26 with 170 lakh equity shares of Rs 10 each for cash at a premium of Rs 20 per share aggregating Rs 5100 lakh. TFCI enjoys the advantage of being a member of the Over-the-Counter-Exchange of India (OTCEI) and also a SEBI authorised category I merchant banker. The lead managers to the issue are Punjab Capital Services and Reliance Capital and Finance Trust.

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