The Hindu Business Line : No decision yet on IFCI merger

PUNJAB National Bank (PNB) and Industrial Development Bank of India (IDBI) would have to wait a while for the final verdict on who among the two would be allowed to gobble up the ailing IFCI Ltd.

Senior Finance Ministry officials said a final decision on the fate of IFCI is yet to be taken.

Though it appears that the scales are tilting in favour of IDBI, there is still a slender chance of the government going ahead with its original plans for IFCI's merger with PNB.

"We are still doing a lot of calculations. It might take some weeks to arrive at a final decision," the officials said, adding that they are awaiting the due-diligence report on IFCI that is being prepared by SBI Capital Markets.

With the change of government at the Centre, there has been speculation that IDBI has found preference over PNB among official circles. Soon after the decision was made public on Thursday, the IDBI Chairman, Mr M. Damodaran, had hinted that he was hungry for more acquisitions.

Sources in PNB also said they had received no indication of any plans to drop the proposed merger of IFCI with the bank.

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