Business News

·        ICICI to open 500 branches every year

·        SAIL to set up steel plant in Indonesia

ICICI to open 500 branches every year

India's largest private sector lender, ICICI Bank Ltd, will add 400500 branches annually over the next three years and focus on financing infrastructure projects in road and power.

“I feel that we have to grow beyond the number of existing branches... Over the next two three years, we would continue to add branches at the rate of 400500 per year,“ ICICI Bank managing director and chief executive officer Chanda Kochhar said.

The bank, which reported a 30.5% increase in net profit to `1,437 crore during the quarter ending 31 December, has been expanding its branch network at rapid pace. At present, it has about 2,500 branches and 5,800 ATMs. Talking about the expansion plans, Kochhar said the bank did not open any new branch in the current financial year, as it acquired Bank of Rajasthan “that itself meant an addition of 500 branches”.

SAIL to set up steel plant in Indonesia

Staterun Steel Authority of India Ltd (SAIL) will set up a 3 million tonne plant at Central Kalimantan province of Indonesia, entailing a likely investment of up to `15,000 crore.

“SAIL is poised to set up a 3 million tonne per annum (mtpa) steel plant in the province of Central Kalimantan, Indonesia, apart from setting up a mineral processing facility,“ an official close to the matter said.

The timeline for the plant will be decided soon, the official said.

SAIL inked a pact with the Indonesian government on Tuesday for setting up a steel plant and a mineral processing unit besides developing mineral deposits at Central Kalimantan province.