IDBI to
float housing finance arm
Our Correspondent
22 Sept 2001
Mumbai: The Industrial Development Bank of India (IDBI)
is planning to set up a housing finance arm as a 100-per cent
subsidiary. IDBI chairman P P Vora, who was till recently with the
National Housing Bank (NHB), said they have already had held
discussions with the NHB.
This will be IDBI’s entry point into the retail sector.
"We need to tap the retail route, where the returns are high
and non-performing assets could be low," Vora said.
Vora also said a subsidiary is being set up as retail financing
requires a different mindset. "But this will not be a part of
IDBI’s main business activities."
At present, IDBI is not looking for a partner or acquiring a
housing finance company. "We may think about them at a later
stage," he said.
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