Published On:March 14 2019
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IFCI sells stakes in 2 thermal projects for Rs. 1,174 crore.

The country's oldest financial institution IFCI said Monday it has sold stake in two thermal power projects for Rs. 1,174 crore.

The exit from thermal power projects is part of the exercise to monetise unquoted equity investments and reduce non-performing asset (NPA) levels, IFCI said in a regulatory filing.

The company, however, did not disclose the names of power projects.

"Monetisation of an investment in 1600 MW coal based thermal power project (the largest project equity investment) - generating upside of more than Rs. 300 crore on the investment of Rs. 432.72 crore. In this fiscal year, IFCI realised Rs 745.29 crore," it said.

The second case relates to the resolution of NPA in a gas-based thermal power project.

"The auction was conducted with reserve price of Rs. 427.50 crore and IFCI realised Rs. 428.61 crore," the company said.

The government of India hold 56.42 per cent stake in the company.

IFCI has posted a loss of Rs. 48.85 crore for the quarter ending December 2018. Its shares closed at Rs 13.92 apiece on BSE, up 2.81 per cent.

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