Financial Daily from THE HINDU group of publications
Wednesday, Jun 26, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jun 26, 2002 |
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Money & Banking
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NBFCs Agri-Biz & Commodities - Farm credit Rabo India Finance in talks with Nabard Poornima Mohandas
MUMBAI, June 25 RABO India Finance Ltd, the finance company promoted by the Dutch group, proposes to join hands with the National Bank for Agriculture and Rural Development (Nabard) to co-finance agricultural projects in India. According to officials, discussions are on to work out the partnership and modalities of joint funding. Rabo, which is registered as a non-banking finance company in India, is already into financing of agricultural projects. "Our aim is to boost agri credit. Through this partnership we will co-finance and refinance agri sector projects,'' said Mr M.V.S. Chalapathi Rao, Managing Director, Nabard. The partnership of two agri expert bodies would enable funding of large projects in the agricultural sector. However, the matter was yet to be presented to the board of directors of Nabard, an official said. The bank might also require the permission of the Reserve Bank of India (RBI) in this matter. The discussions were still in the infancy stage, said Mr Rao. ``Nabard is the apex agri institution in India and we want to jointly catalyse agri business in partnership with them,'' said Mr Rajesh Srivastava, Director, Head of Agri Food Business, Rabo India Finance. "There will also be joint appraisal of projects. The documentation and network are to be provided by Rabo India Finance. In case of default, comfort will be available from Rabo Bank, the parent company of Rabo India Finance,'' he said. Rabo India Finance, a corporate finance house, handles mergers and acquisitions, investment banking and structured finance. In India, it has done structured finance of around Rs 750 crore in varied food and agri sectors such as dairy, paper, beverages, alcohol, tea, edible oils, sugar amongst others. Rabobank along with three individuals — Mr Rana Kapoor, Managing Director, Rabo India Finance, Mr Harkirat Singh, former Chief Executive Officer, Deutsche Bank, and Mr Ashok Kapoor, former Country Manager, ABN Amro, has received licence from the RBI to set up a private sector bank. All the three individuals are currently the shareholding directors of Rabo Finance.
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