Comments
Development financial institution IFCI Ltd has planned to reduce its non-performing assets by two percentage points this financial year. Achal Kumar Gupta, Deputy Managing Director, IFCL, told presspersons that the non-deposit taking NBFC recently executed an NPA sale deal worth Rs 200 crore with an asset reconstruction company.
"After the RBI allowed us the CDR window this year, we are also actively looking at using that route for reducing the net NPA," he added.
Sudhir Garg, Executive Director of IFCI, said by the end of the first quarter, IFCI's net NPA dropped to around 10 per cent from 11.39 per cent on March 31, 2014.
Garg said a significant part of the net NPA of the development financial institution was related to the legacy loan book. "We have made 100 provisionings against such loan accounts," he added.
The size of net advances as of June 30, 2014, stands at Rs 19,848 crore, up from Rs 13,946 crore a year ago.
The officials were here for a road show for its secured redeemable non-convertible debentures worth Rs 2,000 crore. The officials said IFCI's funding requirement for 2014-15 was set at around Rs 10,000 crore, of which it has raised Rs 2,000 crore through borrowing already.
Sravanthi Energy, DB Hospitality, Surana Industries, Shiv Vani Oil and Gas, Blue Coast Hotels, Orchid Chemicals, Skill Infrastructure, Era Housing, Murli Industries and Coastal Projects were the top ten NPA accounts of IFCI, collectively worth 1,449.24 crore of credit exposure.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.