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IFCI to pick up 49 p.c. stake in ARC

NEW DELHI DEC. 2. The Industrial Financial Corporation of India (IFCI) has decided to pick up 49 per cent stake in its asset reconstruction company while Tourism Finance Corporation will take 10-15 per cent and the remaining is being negotiated with domestic banks and multilateral institutions such as Commonwealth Development Corporation (CDC), GE Caps, ADB and IFC.

Official sources said IFCI was talking to IDBI, Punjab National Bank and Oriental Bank of Commerce for picking up small stakes in the IFCI's Asset Care Enterprise (ACE), which would address the problems of non-performing assets of banks and FIs.

"IFCI will be allowed to own up to 49 per cent stake in ACE while TFCL has agreed to pick another 10-15 per cent," the officials said. IFCI is also negotiating with CDC and GE Caps for picking up a substantial 26 per cent stake.

PTI

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