• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai , Sept. 7

Shamrao Vithal Co-operative Bank (SVC) has acquired Kolhapur-based Mahavir Co-operative Bank for Rs 13 crore. The process was complete on September 3, said Mr S. Hemmady, Chairman, SVC.

"The acquisition of Mahavir will give us entry into the agricultural sector where we have no exposure and no experience, at present," he said. Mahavir has four branches in Kolhapur and one each in Sangli and Jaisinghpur. It also has five rural branches in Maharashtra's sugar belt.

Though the staff strength of Mahavir is only 86, SVC has decided to offer a voluntary retirement scheme at the insistence of Mahavir's employees. About 55-60 employees are likely to accept the VRS, Mr Hemmady said.

In June 2006, SVC acquired Nashik-based Saptashrungi Co-operative Bank for Rs 7.25 crore. Following the deal with Mahavir, the branch network of SVC has increased to 51 branches and 10 extension counters. Two other banks are likely to be added to SVC this fiscal.

More Stories on : Mergers & Acquisitions | Co-operatives

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Fully `bankable'

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line