The Hindu Business Line : Citigroup chief upbeat on India

New Delhi March 26 After meeting with the Prime Minister and Government officials to " review plans in India", Mr Charles Prince, Chairman and Chief Executive Officer of Citigroup, seemed upbeat on the India story.

Here on the second phase of his global tour, he said the group would be increasing headcount in the country, and ramping up operations, particularly in developing infrastructure and expanding presence in the rural markets.

On the infrastructure front, Citigroup has recently launched a $5-billion fund, of which $1 billion will be raised in the next couple of months. The fund, aimed at financing infrastructure development projects in the country, would be a combination of debt and equity, and would be utilised across various sectors such as telecom, power, oil and gas.

On the group's penetration into the rural markets, Mr Prince said that they would focus on micro finance and look at innovative ways for distribution.

On whether Citigroup would be open to helping in restructuring weaker banks, he said they could offer support when the opportunity arises.

However, Mr Prince declined to comment on media reports stating that Citigroup was planning to cut 15,000 jobs worldwide. `` I have no comment on that ... We are going to announce the results of our strategic structural review on or before our earnings announcement on April 16,'' he said.

He also declined to give details on the likely level of the investment, or the number of employees the company will be adding in India. ``We have been increasing our presence and I hope it will continue. India is a key component for growth,'' he said.

He also refused to comment on reports that the company was looking at picking up stake in IFCI Ltd.

Citigroup has around 22,000 employees in India, out of a worldwide workforce of 3,27,000. Mr Prince will be leaving for Malaysia on Tuesday.

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