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M. Ramesh

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Chennai Jan. 26 Exim Bank of India has recently picked up a 10 per cent stake in Gulf Jyoti International LLC, a UAE-based joint venture of Jyoti Structures Ltd and Gulf Investment Corporation, the investment arm of the Gulf Co-operation Council (GCC) countries. (The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE. The Council, formed in 1981, is a `customs union' with a common external tariff of 5 per cent.)

Exim Bank has invested $7,50,000 (Rs 3.37 crore) for the stake, the bank's Chairman and Managing Director, Mr T.C. Venkat Subramanian, told Business Line on Saturday.

The Mumbai-based Jyoti Structures has a 20 per cent stake in Gulf Jyoti International, which was formed to capture the growing transmission lines business in the West Asia North Africa (WANA) region.

Exim Bank, which is in its Silver Jubilee year, has a history of supporting Indian acquisitions and ventures abroad. The bank provides loans and, when necessary, also takes equity positions in the investee companies.

Recently, the bank part-funded Wanbury Ltd's Rs 300-crore acquisition of branded generic business of the Spanish company, Industrial Farmaceutica Cantabria, Mr Venkat Subramanian said. The bank has put in about Rs 30 crore in the convertible preference shares of the company.

The bank has also agreed to provide $10 million (Rs 45 crore) loan to Aban Loyd Singapore, which is in the process of acquiring the Norwegian drilling company, Sinvest, for Rs 2,050 crore.

In the last few years, the bank has funded several overseas acquisitions including those of Ucal Fuel, Malladi Drugs and Shasun Chemicals.

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