The NDA Government will soon set up a Higher Education Financing Agency
(HEFA), that would provide the much needed funds to boost research
oriented infrastructure for premiere institutions like IITs, NITs and
IIMs.
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod to a proposal of the HRD ministry for creation of HEFA on Monday Sep 12,2016
HRD minister Prakash Javadekar said HEFA would be jointly promoted by the identified promoter and HRD ministry with an authorized capital of Rs 2,000 crore of which government equity would be Rs 1,000 crore.
The HEFA would be formed as a SPV within a PSU Bank/ Government-owned-NBFC (Promoter) and it would leverage the equity to raise up to Rs 20,000 crore for funding projects for infrastructure and development of world class labs in institutions like IITs, IIMs and NITs etc, Javadekar said.
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod to a proposal of the HRD ministry for creation of HEFA on Monday Sep 12,2016
HRD minister Prakash Javadekar said HEFA would be jointly promoted by the identified promoter and HRD ministry with an authorized capital of Rs 2,000 crore of which government equity would be Rs 1,000 crore.
The HEFA would be formed as a SPV within a PSU Bank/ Government-owned-NBFC (Promoter) and it would leverage the equity to raise up to Rs 20,000 crore for funding projects for infrastructure and development of world class labs in institutions like IITs, IIMs and NITs etc, Javadekar said.
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