Explanation:

Statement 1: IIFCL is a wholly-owned Government of India company set up in 2006 to provide long term finance to viable infrastructure projects through the Scheme for Financing Viable Infrastructure Projects through a Special Purpose Vehicle called India Infrastructure Finance Company Ltd (IIFCL), broadly referred to as SIFTI. The sectors eligible for financial assistance from IIFCL are as per the Harmonized list of Infrastructure Sub- Sectors as approved by the Government and RBI and as amended from time to time. These broadly include transportation, energy, water, sanitation, and communication, social and commercial infrastructure. IIFCL has been registered as a NBFC-ND-IFC with RBI since September 2013.

Statement 2: IFCI Ltd. was set up in 1948 as Industrial Finance Corporation of India, a Statutory Corporation,  through ‘The Industrial Finance Corporation of India Act, 1948’ of Parliament to provide medium and long term finance to industry. After repeal of this Act in 1993, IFCI became a Public Limited Company registered under the Companies Act, 1956. The shareholding of the Government of India in paid-up share capital of IFCI has been increased to 51.04% and IFCI has become a Government Company under Section 2(45) of the Companies Act, 2013. The primary business of IFCI is to provide medium to long term financial assistance to the manufacturing, services and infrastructure sectors.