IFCI said it plans to buy the remaining stake in Foremost Factors to make the company a 100 per cent 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. Subsequently, IFCI acquired 49.84 per cent stake in Foremost Factors.
FFL offers domestic and export factoring facilities and holds an authorised dealer licence to conduct international factoring business.
With a turnaround in its operations, IFCI now satisfies the applicable regulatory norms and has recently restarted its lending operations.