This case mainly talks about the journey of IFCI since its inception amidst the institutional changes that had taken place in India; how the changing institutional context of an emerging economy like India could affect the growth path of a firm in a regulated industry; and how a leadership style attempted to turn around and build the firm's position in the industry. Atul Rai had taken a number of initiatives in light of the above. Next on his agenda was to turn IFCI into a leading financial institution and come up with a road map to achieve this.