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ICICI approvals up 140 pcMUMBAI: ICICI's approval's for the first quarter ended June 1998 went up by 140 per cent to touch Rs 9135 crore ...

ICICI approvals up 140 pc
MUMBAI: ICICI’s approval’s for the first quarter ended June 1998 went up by 140 per cent to touch Rs 9135 crore as against Rs 3814 crore for the same period in 1997-98. Disbursements (excluding guarantees) for the first quarter ended June 30, 1998, aggregated Rs 4225 crore as against Rs 2771 crore the same period in 1997-98, thereby registering a 53 per cent growth. During the same period, ICICI also issued financial guarantees aggregating Rs 156 crore down from Rs 486 crore in the previous quarter.

In a release issued today ICICI said, "in line with the corporation’s objective of increasing diversification in the asset profile, 33 per cent of total approvals and 21 per cent of disbursals were made to the infrastructure sector. The oil, gas petrochemicals and other related areas accounted for 7 per cent and 11 per cent of aggregate approvals and disbursals respectively.

According to the release, ICICI said that it has continued to focus on structuring treasury solutionsfor top rated corporates and these non project assistances accounted for 30 per cent of total approvals and 35 per cent of total disbursals. ICICI’s regular project finance assistance to the traditional manufacturing sector amounted to 30 per cent of approvals and 33 per cent of disbursals.

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IDBI report on Parasrampuria soon
MUMBAI: Industrial Development Bank of India (IDBI) is likely to submit its inquiry report into the accounts of Parasrampuria Synthetics Ltd (PSL) in the second week of August.

IDBI resumed its inquiry over a week ago upon the directions of the Board for Industrial and Financial Reconstruction (BIFR). It has already sought certain clarifications from Parasrampuria with regard to its financial position. Parasrampuria had applied to BIFR about nine months ago stating that its net worth had been completely eroded by the accumulated losses. The company had shown a net profit of Rs 9 crore in 1995-96, but a loss of over Rs 300 crore in the next fiscal. At the first hearing inJanuary, BIFR had appointed IDBI as the operating agency (OA) and asked it to look into the company’s accounts and submit a report within four weeks.