The high officials from IFCI made it clear that the company is still working out on the idea of strategic partnership. IFCI Chief Executive Officer Atul K. Rai said that the company is still waiting for the response from the Government on the debenture issue.

He added that only after resolving the issue on ‘convertibile debentures’, company can continue its search for a suitable investor. The major capital structure issue is the government’s decision on conversion of Rs. 923 crore bonds issued to IFCI.IFCI had announced a net profit of Rs. 151.07 crore (Rs. 246.86 crore) for the first quarter ended June 30, 2008.

He cleared that the deal initiated in October 2006 cannot be worked out now because IFCI scenario had changed since then.

Mr. Rai concluded, “We are very much open to it (inducting a strategic investor). There were certain issues why it did not happen last time and we believe that as and when we have the requisite preconditions in place, this process should still be examined and considered as necessary path for the company to accelerate its growth.”