TFCIL Announces Change of Guard

MUMBAI, India, April 8, 2024 /PRNewswire/ -- Tourism Finance Corporation of India Limited (TFCIL) announced today that Koppara Sanjeeve Thomas and GD Mundra, both representing the former promoter group on the TFCIL board, stepped down as Directors on March 28th and April 5th of this year, respectively.

The Board of TFCIL further approved the allotment of 22,23,000 equity shares to Aditya Kumar Halwasiya, at a price of Rs 225 per equity share, at its meeting held on April 5, 2024.

This increases Aditya Kumar Halwasiya's shareholding in TFCIL to approximately 15.50% and effectively clears the path for him to steer the company going forward.

"I have full faith in the competent Board and Management of TFCIL. I am very upbeat on the journey ahead for the company and am proud to be a stakeholder of TFCIL just as Bharat is in the midst of a multi-year tourism boom!" said Aditya Kumar Halwasiya, about these significant developments at TFCIL. 

Aditya Kumar Halwasiya is also the promoter of the publicly listed Indian contraceptive manufacturer Cupid Limited and the third-generation scion of the Halwasiya business family, out of Kolkata, India.

TFCIL is a premier public financial institution that provides finance and advisory services to the tourism sector in India.

Set up in 1989, TFCIL also provides finance to educational institutions; the healthcare sector; non-banking financial companies; the real estate sector engaged in affordable housing schemes; services such as logistics and warehousing, renewable energy; and the manufacturing sector.

Over the last three decades, TFCIL has been instrumental in developing over 50,000 star-category hotel rooms and other tourism attractions in India, including resorts in Kerala, Goa, and other states.

TFCIL has also been associated with the Palace on Wheels luxury train.

About TFCIL

Tourism Finance Corporation of India Limited, popularly known as TFCI, is a premier public financial institution, which commenced operations in 1989 with core objective of providing finance and advisory services to the tourism sector in India. Besides tourism, TFCI is now also providing finance to educational institutions, healthcare institutions, non-banking finance companies, real-estate sector engaged in affordable/middle class housing development, other services such as logistics, warehousing, etc., renewable energy and manufacturing sectors.

About Universal-Halwasiya Group

Established in the 1960s, Universal Petro-Chemicals Limited is the flagship of the Universal-Halwasiya Group, a conglomerate with a rich history spanning six decades. Under the visionary leadership of its late founder, Mr. Madan Mohan Halwasiya, this group has witnessed remarkable growth and diversification across various products, including Transformer Oils, White Oils, Liquid Paraffins, Automotive Lubricants, Industrial Lubricants and Specialty Oils since the incorporation of Columbia Petro Chem Private Limited in the year 1987 spear-headed by Mr. Kuldeep Halwasiya. Presently, the group has diversified interests that encompass manufacturing of lubricants and petroleum products as well as real estate projects in both domestic and international landscapes.