Date:05/05/2005 URL: http://www.thehindubusinessline.com/2005/05/05/stories/2005050502670600.htm

Back Left parties favour IFCI-IDBI merger

Our Bureau

New Delhi , May 4

LEADERS of Left parties have again called for the merger of IFCI with IDBI.

Addressing the annual general meeting of the IFCI Officers' Association, Left leaders Mr Basudev Acharia, Mr Dipankar Mukherjee and Mr Manoj Bhattacharya came out in support of the demand for the merger.

According to the office bearers of the association, the leaders promised that they would take up the issue both inside and outside Parliament. They also assured the association that they would meet the Prime Minster, Dr Manmohan Singh, and the Finance Minister, Mr P. Chidambaram, on the matter.

In January 2004, the boards of IFCI and Punjab National Bank agreed that the ailing development financial institution would be merged with it. However, due to sustained pressure from IFCI employees and political circles, the proposal had been put on hold.

Instead, the Government is understood to have been actively considering the merger of IFCI with IDBI as an alternative.