IFCI Revamp Set To Be Over By March

New Delhi, January 23: | Updated: Jan 24 2003, 05:30am hrs
The restructuring of IFCI Ltd may be accomplished by March this year, since the creditor banks have agreed to restructure liabilities worth Rs 7,000 crore, according to chairman VP Singh.

"All banks have agreed to restructure our liabilities worth Rs 7,000 crore and some of them have obtained approval from their respective boards," he said on the sidelines of a PHD Chamber seminar on debt market here on Thursday. IFCI was in talks with other players to reduce the rates on remaining debts and extend their maturity period, he added.

IFCI had last year sought government assistance to restructure liabilities worth over Rs 12,500 crore last year in order to reduce its interest burden and asset-liability mismatch. It had incurred a losses of over Rs 510 crore in the April-September period this fiscal. As on March 2002, its total outstanding liabilities stood at nearly Rs 21,000 crore.