IIFCL Grade A case studies
IIFCL Grade A · Put your knowledge to work in context.
The IIFCL Grade A recruitment examination is the selection process for officer-level positions at India Infrastructure Finance Company Limited, a government-owned infrastructure finance institution. It suits graduates, especially those with a finance, economics, engineering, or management background, who want to work at the intersection of public policy and large-scale project finance. The IIFCL Grade A case studies are 5 cases and about 4,580 words.
1Seasoning, Tenor and the Take-Out Decision on a 42 km Bypass
Satluj Bypass Tollway Pvt Ltd holds a 20-year concession from a state government for a 42 km four-lane bypass, awarded in 2023 on a DBFOT basis with a tolling right and no annuity. Project cost is ₹1,850 crore, funded 30:70 by equity and a consortium of three banks.
831 words, about 4 min2Allocating a ₹2,400 crore Group Cap Across Four Competing SPVs
A state-level infrastructure fund with a corpus of ₹6,000 crore has a sanctioned exposure cap of ₹2,400 crore for a single sponsor group. The group has placed four financing requests on the same day: (i) a 300 MW solar SPV, ₹900 crore, base-case DSCR 1.28, PPA-backed; (ii) a container terminal SPV, ₹850 crore, DSCR 1.19, but with a port authority minimum revenue guarantee covering 80% of base-case revenue, which lifts the stressed DSCR to 1.24; (iii) a transmission SPV on a 35-year regulated tariff, ₹600 crore, DSCR 1.31; and (iv) a road HAM SPV, ₹700 crore, DSCR 1.16, with annuity payments due from a state authority whose budget has slipped by seven months in each of the last two years.
879 words, about 4 min3Editing a Sanction Note: Precision, Pronoun Reference and Discretionary Wording
A junior analyst proposes replacing "however the same is yet to be transferred" with "although the land is yet to be transferred". The committee has also questioned the use of "assured" and "may consider the disbursement" in a document that will be relied on by the sanctioning authority and, potentially, in litigation.
897 words, about 4 min4A 150 MW Solar Project That Fails Its Own DSCR Floor
A lender is appraising a 150 MW AC solar project in Rajasthan. Capital cost is ₹4.5 crore per MW, or ₹675 crore, funded 75:25 by debt and equity, giving debt of ₹506 crore at 9.0% with an 18-year tenor and a 12-month moratorium, so repayment runs over 17 years.
926 words, about 5 min5A Delayed COD, a ₹150 crore Equity Offer and the Cost of Classification
A bank holds a single ₹900 crore term loan to a road SPV sanctioned in 2022, with COD scheduled for March 2025. Land for a 6 km viaduct has still not been handed over by the state agency, and the SPV now expects COD in September 2026.
1,047 words, about 5 min