Indian Bank plans to increase revenue from fee-based income

Posted By: Pti
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Hyderabad, Feb 4 (PTI) Indian Bank today said it isplanning to increase revenue contribution from fee-based andnon-interest income from current 11 per cent to 13 per cent bythe fiscal-end and to 15 per cent in the next two years.

The state-owned lender is active in syndicationactivities and has syndicated over 14 projects so far, earninga fee of Rs 15 crore, Indian Bank Chairman and ManagingDirector T M Bhasin said.

"We are negotiating for 7 to 8 new projects, whosetotal investment size is Rs 3,500 crore-Rs 4,000 crore," hesaid on the sidelines of a function related to the syndicatedproject with city-based Kamineni Steel.

A clutch of banks led by Indian Bank have invested Rs1,248 crore in Kamineni Steel and Power India Pvt Ltd tofacilitate backward integration to manufacture steel billetswith an annual production of 3,60,000 tonnes.

The company also plans to set up a captive gas-basedpower plant with a generation capacity of 220 MW. The plant isproposed to cater to the requirements of the Kamineni Group''sindustrial units at Narkatpally, around 80 kms from here.

Of the total project cost of Rs 1,535 crore, the debtsyndication of nine banks, led by Indian Bank with Rs 300crore, will be to the tune of Rs 1,248 crore.

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