The Hindu Business Line : IFCI staff seek merger with IDBI Bank

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New Delhi Feb 9 The All India Industrial Finance Corporation Employees' Association (AIIFCEA), a representative body of IFCI employees, has sought merger of the ailing IFCI with IDBI or any other Government organisation.

In a memorandum to Mr Vinod Rai, Secretary (Financial Sector), the AIIFCEA General Secretary, Mr Madan Lal, said that IFCI should "preferably" be merged with IDBI as both the institutions have synergy in business, commonality in loan portfolio and work culture and similar service conditions.

Alternatively, AIFCEA has mooted consolidation of IFCI, IDBI Bank, SIDBI, PFC and IDFC to form a "mega institution" for industrial development of the country.

Mr Madan Lal has also suggested that the Government-controlled organisations holding stake in IFCI - IDBI, LIC, UTI and SBI - be advised not to offload their holdings and retain the same till the restructuring of IFCI is finalised.

The memorandum said that IFCI be directed not to make further sale of investments in blue-chip companies.

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