IFCI Ltd. was established in 1948 as a statutory corporation to provide financing to industry, but was converted to a public limited company and is now majority owned by the Government of India. IFCI provides medium and long-term financing to various sectors including manufacturing, services, and infrastructure. Through subsidiaries, IFCI also engages in activities like broking, venture capital, and financial advising. IFCI helped establish organizations like the National Stock Exchange and Stock Holding Corporation of India.