Exim Bank to raise Rs.170 bn this fiscal

July 18th, 2008 - 7:33 pm ICT by IANS  


Kolkata, July 18 (IANS) The Export Import Bank of India (Exim Bank) plans to raise Rs.170 billion this financial year, a top company official said here Friday. “We plan to raise Rs.170 billion this year, out of which $1.8 billion (Rs.72 billion) will be foreign currency borrowing,” bank chairman and managing director T.C. Venkat Subramanian told reporters.

Last fiscal, the bank raised Rs.140 billion through debt both from overseas and Indian markets.

Exim Bank is an apex financial institution fully owned by the government, and was set up to finance, promote and facilitate India’s international trade.

Subramanian said the bank expects a 25 percent growth in disbursement this year. During the first quarter of the current fiscal, this growth was around 30 percent.

Last fiscal, the bank disbursed Rs.270 billion.

“Rupee loan will be slightly expensive this year compared to last year,” said Subramanian.

The bank disbursed Rs.50 billion last fiscal for overseas acquisition by Indian firms, and hopes to surpass it this year.

At present, the bank is discussing with 15 companies for funding foreign buy-outs.

Currently, it is supporting execution of 211 contracts worth $12.8 billion in 43 companies across 38 countries.

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