IFC keen on India
16-02-2000 20:40:31
The International Finance Corporation (IFC) is keen to pick up stakes in India`s private insurance firms and software companies involved in health and education, a top official of the corporation said today.
IFC hopes to invest over $200mn in India`s private sector by June 2000, up from $50mn invested in the financial year ending June 1999, Peter Woicke, executive vice president, told reporters.
Woicke said the corporation, which has equity stakes in several Indian firms will shift from manufacturing industries to small and medium enterprises.
"The country is getting to a point where our services in manufacturing are not needed any more," Woicke said.
"Now we are looking at infrastrucutre and software companies working in healthcare and education. We can add value to it," he said. He said IFC was in discussions with a company in Bangalore, which was working on a educational software package. He did not give details.
IFC already holds stakes in Global Trust Bank, Centurion Bank and the Infrastructure Development Finance Company Ltd.
IFC`s current exposure in India is around $650mn. Woicke said IFC was talking to a number of potential entrants in the insurance sector for stakes. "If there is a need for IFC to participate in an insurance company, we will be there," Woicke said adding that its role was to entice the private sector.
Woicke said IFC has not identified any partner in the sector.
Source: Reuters
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