Govt En­ti­ties Hold 30.2%

The Economic Times - - Econ­omy: Macro, Mi­cro & More -

Gov­ern­ment-owned en­ti­ties to­gether hold 30.2% of Axis with LIC hav­ing 14.49% and SUUTI 12.02%. The gov­ern­ment has not said what it plans to do with its stake. The lender has not been sounded out by any suit­ors, Sharma said. “We haven’t been ap­proached by any­body and frankly for Axis at this point of time there is so much to do,” she said. “We have al­ways be­lieved in the In­dia story. I have now been with the bank for al­most eight years. It was al­ways a strong fran­chise and in the last eight years, we have only grown and strength­ened that fran­chise.’’ Sharma said Axis did not need a merger to grow. “You would want to do an ac­qui­si­tion be­cause you are in a stag­nat­ing mar­ket and you need to take out cost,” said Sharma. “That is not the case in In­dia. We be­lieve our coun­try is a long-term growth story, so we are clearly in the growth and in­vest­ing mode. We are not in the con­sol­i­dat­ing mode. We think scale for the sake of scale to take out costs is not the the­sis that is right for us at this point of time.”

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