Following the approval of the listing of the state-owned Export Credit Guarantee Corporation (ECGC) Ltd via the initial public offering (IPO) on the stock exchange, Mr Senthilnathan, chairman and chief executive officer of ECGC, said on Thursday that the company expects the registration process to be completed in the last quarter of fiscal 2023.
“We hope that the listing process (launch of initial public offering – IPO) will be completed by the last quarter of fiscal 2023,” Senthilnathan said.
He also thanked the Central government for injecting Rs 4,400 crore capital into ECGC over 5 years and said that in terms of efficiency the company would operate as a private enterprise.
“We thank Center for supporting us. Although we are a public company, we will operate as a private company in terms of efficiency parameters and not in terms of withdrawing support when exporters face tough times,” said Senthilnathan said.
Union Trade and Industry Minister Piyush Goyal said on Wednesday that the Union cabinet approved the listing of state-owned Export Credit Guarantee Corporation (ECGC) Ltd through the public offering initial (IPO) on the stock exchange.
Addressing the press conference, Goyal said, “The Union Cabinet has approved the listing of Export Credit Guarantee Corporation Ltd. through the IPO.
“The cabinet also approved an investment of 4,400 crore rupees in ECGC Ltd over 5 years to provide support to exporters as well as banks,” added the Union Minister.
The minister said the approved amount will be paid in installments, thus increasing the underwriting capacity of risks up to Rs 88,000 crore, which will allow ECGC to issue hedges that can support additional exports of Rs 5.28 lakh crore over the five year period. conforms to the existing model.
Goyal also said the move would help create 59 lakh in new jobs, including 2.6 lakh in the formal sector and that ECGC could be listed on the stock exchange by the next fiscal year.
ECGC was established by the Indian government under the Companies Act in 1957 to promote exports by providing credit insurance services to exporters against the risk of non-payment by foreign buyers for commercial and political reasons. .
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