MUMBAI: Financial institution IFCI plans to do away with its fully-owned subsidiary IFCI Financial Services (I-Fin) as part of its strategy to exit unrelated businesses, a source familiar with the deal said.
IFCI plans to go through the process of inviting bids for selling the firm, which is involved in equity brokerage, insurance broking and other related advisory services, sources said.
�There is no synergy between the two businesses. It will happen and we are waiting for the appropriate time,� a highly placed source told ET. Parent company IFCI has itself been through a rough patch after loans provided by it to many industries turned sticky. The management is now trying to clean up the balance sheet by aggressively recovering dues and may also commence its core activity of lending this year after hitting the pause button a few years ago.
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