IFCI forays into factoring business

IFCI acquired an additional 46.65% stake in Foremost Factors (FFL), increasing its holding in the company to 96.49%, reports Business Standard.

The company is planning to buy the remaining stake in Foremost Factors to make the company a 100% subsidiary. Foremost Factors was originally promoted by Mohan Puri, promoter of Mohan Exports and Nations Bank Overseas Corporation, USA, and Nations Banc Commercial Corporation (NCC), the then third largest factoring company in USA.

FFL offers domestic and export factoring facilities and holds an authorised dealer licence to conduct international factoring business.