|
IFCI
seeks more funds from banks
Our Banking Bureau
2 November 2001
 Mumbai:
Despite receiving
Rs 400 crore from the Indian government, and a promised infusion
of Rs 600 crore from existing shareholders, the Industrial Finance
Corporation of India (IFCI) is now seeking more funds for its
turnaround programme.
IFCI has approached banks
for a long-term loan of Rs 1,000 crore, besides negotiating for
short-term loans and lines of credit. IFCI is also in talks with
banks and institutions for deferring its payment liabilities.
In addition to the above,
IFCI has sold the loans extended to various hotels (amounting to
Rs 40 crore) to the Tourism Finance Corporation of India,
realising Rs 45 crore. It has also sold a loan of Rs 15 crore to
the UTI and debentures worth Rs 8 crore to a private dealer.
 IFCI
has also obtained a short-term loan facility of Rs 100 crore from
UTI Bank against collaterals worth Rs 125 crore. Yet, the
institution faces an immediate asset-liability mismatch of Rs 160
crore, as talks with some banks for rollover of some debts have
failed.
List
of reports on IFCI
|
