ICICI Bank To Release Rs 100Cr Over 5Yrs Via Fabindia, AMFL To Create Community

Mumbai: Fabindia Overseas, the apparel retail brand, is setting up community-owned companies to beef up the supply chain for complementing its retail expansion. The company also proposes to create a unique share trading system where artisans could be the shareholders in the newly formed companies and has joined hands with financial services major, ICICI Bank for this purpose. ICICI Bank will release Rs 100 crore over the next five years through Fabindia''s subsidiary, Artisans Micro Finance (AMFL) to create community-owned companies. With long-term plans to set up 100 companies, Fabindia Overseas intends to create 20 companies in the next year and half.