Merger with IFCI ruled out

IDBI chairman V P Shetty today denied any move to merge IFCI with itself.

"I am not a party to the recent developments. If the government, however, asks us to merger IFCI we would be doing it because they still have a majority stake in the IDBI. The merger would, however, have to be on our conditions because we need to protect the interest of minority shareholders."

About merging Industrial Investment Bank of India (IIBI) with IDBI, Shetty said, "There are no move as of now on the part of IDBI to merge IIBI."