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IFCI scouting for strategic partner

IFCI scouting for strategic partner
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First Published: Mon, Jul 14 2008. 12 45 PM IST
PTI
New Delhi: Country’s oldest financial institution IFCI said that it is open to the process of inducting a strategic partner, despite failed attempts made last year.
“We are committed to looking at all possibilities to ensure IFCI reaches sustainable pattern of growth ... strategic investor would play role of angel investor to help company in deepening its competency,” IFCI Chief Executive officer Atul K Rai told reporters.
“We are very much open to it as and when we have requisite condition in place we will go for it (strategic sale),” he said.
The company is also looking at raising resources from the market.
Resources would be raised through private placement or preference shares either by the end of this fiscal or early next fiscal, Rai said.
Meanwhile, IFCI had announced a net profit of Rs151.07 crore for the first quarter ended 30 June, a 38.80% decline over the corresponding period a year-ago.
The firm had a net profit of Rs 246.86 crore in the first quarter of financial year 07-08, it IFCI said in a filing to the Bombay Stock Exchange on 12 July.
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First Published: Mon, Jul 14 2008. 12 45 PM IST
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