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IFCI seeks loan reliefs

New Delhi, Jan. 12: (PTI) Concerned over its deteriorating financial position, IFCI today said that it had approached banks for reducing interest on past loans from over 13 per cent to about 6 per cent, but admitted there was resistance to the proposal from some of its lenders.

Unable to cope with its asset-liability mismatch, mainly due to high burden of interest on funds its had mopped up from banks and financial institutions, IFCI has embarked on ‘financial restructuring,’ chairman V. P. Singh said, pointing out that the institution’s outstanding liabilities had crossed the Rs 21,000-crore mark by March, 2002.

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