▶ 1990s, the newest development finance institution, or DFI, IDFC Ltd, had the herculean task of guiding private investments into the infrastructure segment that was grappling with policy uncertainty, evolving regulations, and a lack of long-term finances. Back then, the telecom sector was still in its infancy, as were private power producers, who were dealing with uncertainty in fuel linkages, and loss-making electricity distribution companies. The infrastructure-focussed IDFC Ltd. was the newest addition to the ranks of erstwhile ICICI Ltd and IDBI Ltd, which were set up to finance industrial
