ICICI Bank approves $200 million credit to Videocon
Kolkata: ICICI Bank has approved a $200 million (Rs800 crore) credit line to the Videocon Group to acquire consumer electronic component firms in overseas markets. On its own part, Videocon has lined up an additional $200 million warchest for global acquisitions.

Videocon chairman Venugopal N Dhoot said, "Merchant bankers are on the look out for a company that fits with our business portfolio. ICICI Bank is also assisting us in creating the acquisition warchest, which adds up to roughly $400 million (including the $200-million credit-line)," he said.

Videocon recently failed to acquire a 97.6 per cent stake in Daewoo Electronics at $730 million. Some 40 creditors, including Woori Bank and Korea Asset Management, had dismissed Videocon's offer.
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RBI to lend $5bn to govt infra arm
New Delhi: The Reserve Bank will lend $5 billion to the government from the foreign exchange reserves of $212 billion for improvement of infrastructure.

The apex bank will lend the money from the forex reserves to the India Infrastructure Finance Company Ltd (IIFCL), a 100 per cent state-owned company, which will finance the infrastructure projects of Indian companies, especially for capital imports.

The $5 billion loan constitutes less than 2.5 per cent of the foreign exchange reserve of the country.
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