Mumbai, June 8, 2012 : IDBI Bank Ltd has entered into a Memorandum of Understanding (“MOU”) with the Government of Karnataka (GoK) at the Global Investors Meet (GIM) held at Bangalore. The meet was organized by Government of Karnataka and Karnataka Udyog Mitra. Shri Manogaran Varadaraj Masilamani, General Manager, IDBI Bank and Shri B.S. Sirsikar, Joint Director (Planning), Directorate of Industries and Commerce, GoK, signed the MoU. The MoU provides assurance to GoK and investors that IDBI Bank would support the bankable proposal from various Industries in the state.
IDBI Bank is one of the banking partners in the Global Investors Meet. GoK will furnish to IDBI Bank, the list of MoUs entered with the investors and the Bank will deploy additional funds as required for the proposed investments, subject to due diligence. An Investor Meet was also organized for prospective clients by IDBI Bank at the event, where Shri Murugesh Nirani, Minister for Large and Medium Industries was present.
GIM is a biennial summit held by Government of Karnataka (GoK), aimed at bringing together business leaders, investors, corporations, thought leaders, policy and opinion makers. The Summit was attended by various state and national industrial associations viz. World Trade Centre Bangalore, ASSOCHAM, FKCCI etc. and other top notch companies.