i Develop Stocks Advisory

IFCI will be bidding for IIBI bad loans this week IFCI, the beleaguered financial instituion, will this week bid to buy non-performing assets (NPAs) of the now-shut IIBI Ltd. It plans to revive these assets and recover money from them to add to its net profit, the company's chief executive officer Atul Kumar Rai said. "There are 25 buckets of about Rs 40 crore each by book value of NPAs with IIBI. We will bid for some of those by the end of this week," Rai told. He said the company was yet to decide on how many buckets it will bid for and at what price. The Kolkata-based state-run financier IIBI was closed down after being declared sick. IFCI is looking to enter into new business areas to maintain a steady flow of income, Rai said. "As a business strategy, simple lending will not give us returns over a longer period. We can own long-term assets which will give us income over a long term," he added.