Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
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Mergers & Acquisitions Money & Banking - Mergers & Acquisitions IFCI to hold 49 pc in Asset Care Our Bureau
NEW DELHI, Dec. 2 DROPPING its earlier plan to go it alone, IFCI has now decided to hold 49 per cent stake in its Asset Care Enterprise Ltd (ACE), while the remaining equity would be split among banks, institutions and multilateral agencies. ACE is expected to commence operations with a paid-up capital of Rs 20 crore. Those approached by IFCI for tying up include Tourism Finance Corporation of India (TFCI), domestic banks — Punjab National Bank and Oriental Bank of Commerce, and multilateral institutions such as ADB and IFC, CDC, besides GE Capital. TFCI has already agreed to take around 15 per cent stake in the company.
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