Exim Bank ties up

MUMBAI, JULY 31: Export-Import Bank of India Exim Bank has joined hands with German bank Westdeutsche Landesbank Girozentrale West LB for floating a new company in the country, which will provide factoring and forfaiting services to Indian exporters. Washington-based International Finance Corporation IFC is expected to shortly pick up a significant stake in the joint venture.

quot;The company will have an initial paid-up capital of Rs 45 crore. We have received clearance from the Foreign Investment Promotion Board FIPB, allowing West LB and IFC to pick up 65 per cent stake in the company,quot; Exim Bank managing director YB Desai said.

quot;The equity sharing arrangement for the proposed venture will be West LB with 40 per cent stake, Exim Bank 35 per cent and 25 per cent to be taken by IFC,quot; he added.