State Bank of India, United Bank of India and IFCI Ltd. invited bids for bad loans worth more than 163.49 billion rupees in the aggregate, Press Trust of India reported March 7.
State Bank of India sought bids for 9.89 billion rupees worth of loans granted to 15 entities, including local sweetener manufacturer Simbhaoli Sugars. United Bank of India and IFCI are seeking to sell 16.93 billion rupees and 136.68 billion rupees of loans, respectively, granted to 72 and 23 entities.
The companies invited bids from eligible banks, financial institutions, asset reconstruction companies and nonbanking financial companies.
State Bank of India asked the bidders to submit an expression of interest by March 9 and complete due diligence by March 22. IFCI will open bids on March 26, while bidding process at United Bank of India will close March 29.
As of March 7, US$1 was equivalent to 64.91 Indian rupees.
