YEAR EVENTS 1986 - The Company was Incorporated as a public limited company on 12th December, by the Ministry of Railways as a wholly owned public sector undertaking for the purpose of raising the necessary resources for meeting the developmental needs of the Indian Railways. The Company has the full back-up support of the Indian Railways in all technical and financial matters and in the matter of resources. - The main object of the company is Financing the developmental needs of the Indian Railways including leasing of assets such as wagons, diesel locos, coaches, etc. - The Corporate plan of the Indian Railways conceives of a rapid modernisation of the system. This process has already been set in motion in the Seventh Plan itself and will continue space so that the country has a more reliable and modern Railway System by the turn of the century. The programme inter-alia comprises: - (i) Investment in cost-effective technological changes in important areas of locomotives, passenger coaches and wagon design; - (ii) Upgradation of the track structure; - (iii) Sophistication of the signalling and Telecommunication facilities and - (iv) A systematic programme of computerisation towards better management practices and customer satisfaction. - A part of the modernisation needs were to be met through the leasing of assets from the company. 1987 - The Company issued 25,00,000 - 10% (Tax-free) secured redeemable non-convertible bonds (Ist series) of Rs.1,000 each for cash. All were taken up. These bonds are redeemable at par on 15th April 1997. - Simultaneously, the company privately placed 30,93,954-9% (Tax-free) secured redeemable non-convertible bonds of Rs.1,000 each. These bonds are also redeemable at par on 15th April, 1997. 1988 - During January, the company issued 40,00,000 - 9% (Tax-free) secured redeemable non-convertible bonds of Rs.1,000 each for cash (IInd series). All were taken up. These bonds are redeemable at par on 26th February, 1998. 1989 - The Company issued 60,00,000 - 9% (Tax-free IIIrd series) secured redeemable non-convertible bonds of Rs.1000 each of which 50,00,000 bonds were privately placed with financial institutions The balance 10,00,000 bonds were offered for public subscription. All the bonds were fully subscribed. These bonds are redeemable at par on 23rd March, 1999. - During December, the company issued 100,00,000-9% (Tax-free IVth series) redeemable non-convertible bonds of Rs.1,000 each of which 90,00,000 bonds were allotted on private placement basis. The balance 10,00,000 bonds were offered for public subscription. All the bonds were taken up. - These bonds are fully redeemable at par on 12th January, 2000. - All shares were allotted to the President of India and his nominees. 1990 - During August, the company privately placed 107,00,000 - 9% (Tax-free Vth Series) secured, redeemable non-convertible bonds of Rs.1,000 each for cash. These bonds are redeemable at par on 28th August, 2000. 1991 - As on 31st March, the company owned a fleet of 847 locomotives (diesel and electric), 2,694 passenger coaches, 34,237 wagons of 4 cranes and the total investment amounted to Rs.3,873.65 crores. - During February, the company issued 10,00,000 - 9% (Tax-free Vth series) secured redeemable non-convertible debentures of Rs.1,000 each for cash. All were taken up. These bonds are redeemable on 18th March, 2001. All the public issue of bonds carry buy-back facility. 2000 - Indian Railways has tied up with Sarisa Palace Hotel to launch a luxury service from Delhi to Sariska and back. 2004 -Raised Rs 150 crore through private placement of bonds 2022 -IRFC signs MoU with India Infrastructure Finance Company. 2023 -IRFC and RITES sign MoU to strengthen cooperation in financing & development of Railway Infrastructure Projects.