ICICI to establish shipping division
ICICI is set to create a new division for shipping following the proposed merger of SCICI with it. The institution is also planning to enhance the strength of its board of directors to include two directors from SCICI. According to officials here, although ICICI does have quite a few shipping companies on its client list, having funded their projects, its assistance to this segment of the industry has been relatively minor. “We do not want to lose any of the expertise that SCICI has gained over the years. The plan now is to work towards realigning the operations of the two institutions,” a director in the FI said.
The Indian shipping industry has voiced concern over a possible reduced exposure to ship financing due to the proposed merger of SCICI Ltd with ICICI. Ship owners, who have been consistently pointing out the declining exposure of SCICI to the shipping industry in the past, now fear that the proposed merger would reduce it still further. Belief, at present, is that since SCICI did make a conscious effort to diversify its lending portfolio in the past and the proposed merger is between two full-fledged FIs, accent on ship financing need not continue to be a pronounced role for the merged entity.
C-DoT manufacturers warn against MNC cartelisation
The C-DoT manufacturers have demanded reservation for C-DoT exchange equipment (switch) technology for all exchanges up to 40,000 lines. The C-DoT manufacturers have pointed out that unless urgent measures are taken by the Government to revive interest in switches manufactured with C-DoT technology, IT1, HTL and 30 other companies would be rendered sick.