IFCI Factors Limited, incorporated in February 1996 as Foremost Factors Ltd., was promoted by Mohan Group and Nations Bank Overseas Corporation of U.S.A along with 20th Century Finance Corporation Limited (TCFC Limited) and ICDS Group as institutional investors.
The Company started its operations in February, 1997 with domestic factoring activities. The Authorised Dealer’s licence was obtained for export factoring activities in November 1996. Export Factoring operations were initiated from the month of June, 1997. In April, 1999, IFCI subscribed to the share capital of the Company besides acquiring the shareholding of 20th Century Group, thus becoming the largest shareholder. Subsequently, IFCI also acquired the shareholding of Mohan Group and in 2009 Foremost Factors was renamed as IFCI Factors Limited. It is today a subsidiary of IFCI.
IFCI Factors Limited is registered as an NBFC-Factor with the RBI and is engaged in the business of factoring, offering products such as Domestic Sales Bill Factoring, Purchase Bill Factoring, Export Bill Factoring, and Advances against Future Receivables. The Company also offers Corporate Loans for a tenor of one to four years that are secured by tangible collateral and/or pledge of shares.
Being the pioneers in bringing International Factoring to India, IFCI Factors has a rich experience which enables it to understand the needs of its clients in the context of their market and service them in the best possible way. It provides innovative, customized solutions which are driven by a forward looking management style, sound understanding of the key credit issues and a thorough understanding of market practices.
A lean organisation structure, supported by an internationally recognisedstate of the art software platform, ensures operational efficiency and translates into delivery of high quality services to clients. IFCI Factors prides itself in responding quickly to the demands of its customers, which in turn empowers them to capitalise on the attractive opportunities offered by an ever dynamic market.