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Wednesday, September 30, 1998

Ispat largest recipient of IFC aid 

Our Banking Bureau  
MUMBAI, SEPT 29: Ispat Industries has, as of June 1998, received the largest assistance among the domestic companies from International Finance Corporation, the private sector arm of World Bank.

IFC's total assistance to the company is pegged at $84.1 million, out of which $78.3 million is in the form of equity and the rest in debt.

However, IFC's total original commitment to the company was calculated at $102.8 million.

The other private sector companies which have received a larger share of the company's investment are GVK Industries ($48.3 million), CESC (42.8 million), Housing Development Finance Corporation ($42.3 million) and Indo Rama Synthetic ($32.3 million).

So far, India, with a total investment of $801.7 million, had topped the recipient list in Asia.

The total Asian exposure of IFC as on June 1998 is estimated at $2,917.2 million.

Going by the sectoral investment, IFC's exposure in the domestic financial service sector is the maximum.

Prominent companies which have received IFC'sassistance include Wipro Finance ($10 million), JM Share & Stock Broker ($1.2 million) and GE Capital Transportation Financial Services ($16.3 million).

IFC has also invested substantially in the infrastructure sector.

Tata Telecom is the only telecom company to have received assistance from IFC amounting to $0.1 million.

The other sectors in which the corporation has invested include food and agribusiness, manufacturing, oil refining, industrial and consumer services and motor vehicles & components.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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