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Govt-owned financial institutions to own 51% in DMICDC
Finance Ministry has started the search for government owned financial institutions that will replace IDFC and IL&FS as majority shareholders in Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC). CNBC-TV18's Rituparna Bhuyan reports.
Finance Ministry has started the search for government owned financial institutions that will replace IDFC and IL&FS as majority shareholders in Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC). CNBC-TV18's Rituparna Bhuyan reports.
There is very little background to this story. The cabinet had approved a grant of Rs 17,500 crore over the next five years in Delhi-Mumbai Industrial Corridor project implementation trust fund.
The trust fund will provide guarantees to SPVs that will develop industrial cities in the Delhi-Mumbai Industrial Corridor.
As a part of this decision IDFC and IL&FS, which have a combined 51% stake in DMICDC, will exit. The government owned financial institutions will take their place instead.
CNBC-TV18's sources have told that the Department of Financial Services has started the exercise of finding a partner for DMICDC. Within that, HUDCO has showed an interest in partnering DMICDC.
Sources have also told that this exercise of finding a new partner for DMICDC is likely to be completed within the next one month.
