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Cabinet approves establishment of Higher Education Financing Agency for creating capital assets in higher educational institutions
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of the Higher Education Financing Agency (HEFA)
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of the Higher Education Financing Agency (HEFA) to give a major push for creation of high quality infrastructure in premier educational institutions.
The HEFA would be jointly promoted by the identified Promoter and the Ministry of Human Resource Development (MHRD) with an authorised capital of Rs.2,000 crore. The Government equity would be Rs.1,000 crore.
The HEFA would be formed as a SPV within a PSU Bank/ Government-owned-NBFC (Promoter). 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 IITs/IIMs/NITs and such other institutions.
The HEFA would also mobilise CSR funds from PSUs/Corporates, which would i
