IFCI plans to offload stake in 16 firms

IFCI, the Delhi-based non-banking finance company, plans to sale stake in 16 companies across the sectors, including, iron and steel, granite, hotels, food and electronics. Stake of these companies came to IFCI through project finance. In some cases, units were not offering buyback and we are offering this to public for recovering our investments, senior IFCI official said. It will sale stake in three hospitality companies, including Hotel Paraag in Bangalore (stake at 8.48 per cent), Mela Hotels in Ghaziabad (4.05 per cent). It plans to exit from Sun Granites Exports where it has 16.37 per cent. Banking analyst with an Indian broking house said the present signs of industrial and economic turnaround should help IFCI to get better valuation for its holdings.