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LIC, 3 banks to pick up stake in IFCI ACE

NEW DELHI SEPT. 12. The Life Insurance Corporation of India, Punjab National Bank, Bank of Baroda and United Bank of India have decided to pick up an aggregate 56 per cent stake in IFCI's Asset Care Enterprise.

"BoB and UBI have joined other banks and FIs by picking up 10 per cent each in the ACE. PNB will hold 26 per cent while LIC has picked up 10 per cent in the asset reconstruction company," IFCI Chairman, V. P. Singh, told PTI after the 10th annual general meeting here today.

IFCI will hold 33 per cent in the new company to be headed by Mr. V. P. Singh. IFCI's subsidiary, Tourism Finance Corporation of India (TFCI), will hold the remaining 10 per cent in the ACE. — PTI

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