According to reports, the government will soon appoint one of the three consultants -Boston Consultancy Group, Ernst & Young and Mckinsey - for advising on stake sale in the financial institution, future course for the institution, growth drivers and the company's role in the changed market environment. The consultant would take six months to submit its report.
Currently, the government does not have any direct ownership in IFCI. State-owned insurance firms and financial institutions, such as LIC, IDBI Bank and Punjab National Bank, own around 28.5% in IFCI.
The main hurdle in the way of the stake sale, reports suggest, is the lack of clarity on the optionally convertible debentures worth Rs 523 crore issued by the government.
Profits lifted by write-back of bad debts
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