EXIM Bank plans to raise Rs 1700 cr

Kolkata, Jul 18(UNI) Export-Import Bank plans to raise Rs. 1,700 crore, including a foreign component of 42 per cent this fiscal.

" We have set a total capital raising target of Rs 17,000 crore during the current fiscal, which would include a foreign component of 1.8 billion Dollars," bank's Chairman and Managing Director T C Subramanian today said.

Speaking to reporters on he sidelines of the Banking Conclave 2008, organized by the Federation of Indian Chambers of Commerce and Industries (Ficci), Mr Subramanian said in the last fiscal the bank had raised Rs. 1,400 crore, which included a foreign component of 1.3 billion Dollars.

He said the bank was looking at a disbursement growth of 25 per cent during the current fiscal. Last year, the bank disbursed Rs 27,528 crore.

In reply to a question, Mr Subramanian said in the last financial year, Exim Bank provided finance worth Rs 5,000 crore for different international acquisitions involving 41 companies in 20 countries. "This fiscal we will exceed Rs 5,000 crore and already we are in the final stage of negotiations in this regard with 15 companies in 15 countries," he said.

In 2007-08, the bank had financed 41 companies amounting to Rs 5,000 crore.

" This year, we are having discussions with 15 companies for funding overseas buyouts," he said.

The Exim Bank, which is concentrating expansion in West African region, has already opened a representative office at Dakar in Senegal to play a key, catalytic role in enhancing trade and investment between India and the West African region, the CMD said.

UNI KDG KK/src1847