Incorporated in 1986, the Indian Railway Finance Corporation (IRFC) is a public-sector enterprise wholly owned by the Government of India, primarily engaged in financing the acquisition of rolling stock assets, leasing railway infrastructure, and lending to entities under the Ministry of Railways. As the borrowing arm of Indian Railways, IRFC raises funds for procuring wagons, trucks, electric multiple units, locomotives, and coaches, along with their improvement, expansion, and asset management. The company follows a financial leasing model for a lease period of 30 years, and in fiscal 2019, it financed Rs. 525.35 billion, accounting for 39.34% of Indian Railways’ total capital expenditure of Rs. 1,334 billion.