Financial Daily from THE HINDU group of publications
Wednesday, Jul 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 14, 2004 |
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Money & Banking
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Financial Institutions Govt willing to look at other options for IFCI Our Bureau
New Delhi , July 13 IN a slight softening of stand on the proposed merger of IFCI Ltd with Punjab National Bank (PNB), the Ministry of Finance has said that a final view on the matter would be taken only after the consultants submit the due diligence report on IFCI. The due diligence report, being prepared by SBI Capital Markets, is expected to be submitted soon. Earlier, the Government had stood firm on the merger of IFCI with PNB stating that the decision was taken after considering all other options and also because the two institutions were headquartered in New Delhi. However, with the change in the Government at the Centre and pressure from the constituents of the ruling alliance, the Finance Ministry has said that it is willing to look at other options, including the possibility of merger with IDBI. The merger of IFCI with IDBI instead of IFCI was a consistent plea made by the IFCI employees and officers' association. The unions had felt that there were more synergies between IFCI and IDBI in view of the fact that both operated as development financial institutions. "We will look at the due diligence report. If we find there are synergies of assets with PNB we will go ahead with the merger. Otherwise we could look at other options, including a merger with IDBI," a senior official of the Finance Ministry said.
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