Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

Bank of India to Sale Non-core Assets; aims to raise Rs. 400-500 crore

Bank of India to Sale Non-core Assets; aims to raise Rs. 400-500 crore

Bank of India (BOI) is ready to sell some of its non-core assets by this month. The company is looking to raise at least Rs 400-500 crore from the selling, people familiar with the matter stated.

The selling could be carried out on the stakes of some no-core assets which also STCI Finance, Sidbi, and Star Union Dai-ichi Life Insurance.  Dinabandhu Mohapatra, CEO of BOI stated that the process to sell the non-core assets has started and the bank has requested for proposals. With that, the lender is also looking at the offer it has received.

“It will take some time. We are very hopeful of one transaction will be completed by March-end. We may be able to raise around Rs 400-500 crore,”Mr. Mohapatra was quoted as saying by ET.

But, Mr. Mohapatra did not reveal about the name of the asset the bank is hopeful to sell by this fiscal-end

The Press Trust of India earlier reported on the news and revealed that BOI was expecting to raise around Rs 1,000-1,200 crore from the selling of its full stake in the insurance company. The other partners of BOI are UBI.

Earlier, BOI also intended to raise about Rs. 800 crore by a vending stake in Sidbi and STCI Finance. The bank holds2.84 %in Sidbi and 29.96% stake in STCI Finance.

The new move by BOI will boost their entire operations.


Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...