Tourism Finance Corporation Of India Limited
Tourism Finance Corporation of India or TFCI, is a Public Limited Company promoted by nationalized banks, IFCI and different All-India Financial Institutions. The purpose was to help with the financial needs of the expanding and successful tourism industry. From February 1st, 1989, when the company received the certificate to start the business from the company Registrars, TFCI became fully operational. There is a wide range of services in tourism done by the TFCI:
- Financial help in developing or setting up of activities related to tourism.
- Surveys on flow of tourists.
- All kinds of services and facilities given to tourists.
- Preparing master plans for tourism.
- Catering to individual products on tourism.
- Exercises on project evaluation and privatization support services.
- Planning the construction and maintenance of amusement parks and nature parks.
- Making tourism and environments a subject of study.
Some of the pioneering and innovative products financed by the TFCI are- the first ever water sports complex located in Goa, the first water- park in Mumbai, The Ananda (famous spa in the Himalayas), palace on Wheels, Converting the Umaid Bhawan palace into a hotel resort, restoring some heritage resorts like Devigarh Palace structured at Udaipur etc. TFCI provides utmost quality consultancy and research services to tourism generally and the investors in this industry particularly. Apart from the range of activities which are specifically project related services, TFCI also undertakes appraising of individual projects for both individual clients and state Government associations.
Under the umbrella of the Planning commission’s recommendation, the Yunus committee in 1988 set up financial assistance for the development of tourism in India. The plan was to form a public limited company which would function as an individual body of All-India Development Financial Institution and cater to the financial requirements of the tourism industry. The incorporation of TFCI as a public limited company under the Companies Act was operational from 1st February, 1989. This happened after receiving the commencement certificate of Business from the Registrar of Companies. TFCI received the notification of a Public Financial Institution (Section 4A Companies Act, 1956/ Notification no S.O 7 (E), dated January 3rd, 1990) and was provided by the Ministry of Industry. The registered head office of TFCI is at Nehru Place, New Delhi-19 on the 13th floor of the IFCI tower.
Tourism Financial Corporation of India (TFCI)
A Public limited company decided by planning commission called Yunus in 1988
TFCI became operational from 1st February 1989 on receipt of Certificate of commencement of Business
Notified as Public Financial Institution issued by Ministry of Industry, Department of Company Affairs.
Notification under Section 4A, Companies Act, 1956, Notification No S.O 7 (E) dated January 3rd 1990
Office Address: 13th Floor, IFCI Tower, Nehru Place, New Delhi- 110019
To cover both macro- as well as micro- level tourism and related studies to help in identifying, conceptualizing, promoting and implementing of the specified projects related to tourism, also taking decisions at the policy levels keeping in mind the infrastructure and investment was one of the major works of TFCI. There are also some certain project specific services that the TFCI offers to its various clients. Projects involving concepts on water bodies and lakes, making amusement parks with multi-facilities etc. The organization covers a range of activities within its consultancy section which include:
- Project-Based Services
- Tourism-Based Services
- Govt. Sector
- Private Sector
- Other Activities
TFCI assists financially to the enterprises in the development or setting up of activities which are related to tourism. All the facilities as well as the services including hotels, holiday resorts, entertainment complexes and amusement parks etc. Then there are various adventurous sports, study programs, wild safaris as well as national parks, ropeways, all kinds of land water and air transportations covering different towns, cities, states and across countries. There are different travel and tour agencies which offer packaged and conducted tours. Different tourism emporia showcasing rare and ethnic artifacts, dress materials and other utility items of each state and region is also one of the tourism revenue generating projects by the TFCI. The work of co-ordinating and forming guidelines along with the policies that relate to financing such projects is also done by TFCI. Organizing seminars in the tourism related assignments under Ministry of Tourism by the trade associations and Govt. Of India is one of their active works.
All types of financial help for beginning, expanding and spreading of the latest amenities in tourism sector and its allied industry is provided by the TFCI. These included providing loans in rupees, guaranteeing for both deferred payments and credits which are raised within India/abroad, equipment lease and finance, advisory services and help provided to credit suppliers.
For meeting all its financial needs in its main function and other operations in the business, TFCI raises its resources right away from the market and with interests at market rate, both for India and abroad. The resource raising efforts of TFCI has made it go closer with all sections in the society.
The process that TFCI uses in mobilizing its resources is through the combination of equity and debt. Other than the total capital of Rs. 67.42 crores as well as the internally generated funds, it meets its funding requirements with the help of borrowings like, private placements of bonds, credit lines from banks and/or institutions deposit certificates etc. in order to keep minimum level of costs of funds.
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