India-based IFCI Ltd. denied it was in talks for a merger with India Infrastructure Finance Co. Ltd.

IFCI was responding to a request for clarification from the Bombay Stock Exchange about a news report on BTVi that the company was considering a merger with India Infrastructure Finance. The news report also said the company was seeking a 5-billion-rupee capital infusion.

In a Jan. 31 statement, IFCI said no such negotiations were taking place and that it was not aware of any undisclosed information to the stock exchange about the capital injection.

As of Feb. 1, US$1 was equivalent to 67.45 Indian rupees.