Lending institution IFCI Ltd has put assets of 23 loan defaulters on the block for recovery of over Rs 13,000 crore. State Bank of India (SBI) and United Bank of India (UBI) have also put several NPA accounts for sale.
The sale/assignment will be on ‘cash’ or on ‘cash and SR’ basis as per the approval of competent authority of IFCI. The bids submitted with higher cash component will be preferred, IFCI said in a notice. IFCI’s list of assets for sale include Continental Float Glass with dues of Rs 5,730.51 crore, Synthetics & Chemicals Ltd Rs 2,004.34 crore, Sanghi Polyesters Rs 1,964.38 crore, Kumar’s Mettallurgical Corpn Rs 1,339 crore and Electrex India Rs 670.15 crore. It has also put on sale Bakeman’s Industries with an outstanding of Rs 148.63 crore, Lavasa Corporation Rs 183.82 crore, Malwa Cotton Spg Mills Co Ltd Rs 171.81 crore, IVRCL Indore Gujarat Tollways Rs 251.26 crore and IVRCL Chengapalli Leisures Rs 233.47 crore and Jindal India Powertech Ltd Rs 277.90 crore. IFCI will open the bids on March 26 while the declaration of successful bidders will be announced subsequently.
SBI has proposed to sell a total of 15 NPA accounts to recover Rs 988.95 crore, including the country’s largest sweetener manufacturer Simbhaoli Sugars that has an outstanding of Rs 158.57 crore to the bank. SBI has asked the bidders to submit expression of interest by March 9, 2018 and further to complete the due diligence by March 22.
SBI is looking for buyers for Aksha Gold Ornaments, KBJ Jewels Industry India and KBJ Hotel Varanasi with a combined outstanding of Rs 164.30 crore. Shri Jalaram Rice Industries owes Rs 127.05 crore, while MCL Global Steel has loan outstanding loan of Rs 100.18 crore which the bank has failed to recover. Eight firms based in Gujarat availed loans in the range of Rs 5.90-63.39 crore from SBI that have become NPA on the bank’s balance sheet. UBI said it proposes to sell 72 non-performing accounts having an outstanding of about Rs 1,692.78 crore.