Public sector lender, Syndicate Bank has decided to lend Rs. 6000 crores along with other banking facilities to investors whose projects get approved at the Global Investors' Meet (GIM). The GIM is being organised by the Government of Karnataka for two days namely June 3rd and 4th.
A MoU would be signed by the bank with the state on the inaugural date of GIM that is 3rd June 2010.
Minister for large and medium industries, Basant Seth, CMD, Syndicate Bank said in a letter to Murugesh R Nirani, "We will be happy to sign an MoU with the government of Karnataka for extending loans and other banking facilities to select investors."
The event will witness participation by 17 major banks and financial institutions other than Syndicate Bank. Nirani said that these banks have also agreed to sign a MoU with the state in this regard.
"The main highlight of GIM this year is the participation of so many banks. We are bringing the banking institutions and the investors on a common platform which will be mutually beneficial to each other," Nirani said.
Syndicate Bank has said that it would be granting credit in the range of Rs. 100-1000 crore to certain companies whose projects have already been approved in-principle by the State.
Other banks that would participate in the event include Axis Bank, IndusInd Bank, IDBI Bank, Union Bank, Central Bank of India, State Bank of India, IFCI among others.