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State Bank of India to sell 23.38B rupees of bad loans

State Bank of India is seeking to sell 23.38 billion rupees of nonperforming loans to banks, asset reconstruction companies and other financial institutions.

In a notice posted on its website, the state-owned bank said the nonperforming loans belong to Indian Steel Corp., Jai Balaji Industries, Kohinoor Planet Construction, Mittal Corp., MCL Global Steel, Shree Vaishnav Ispat and Gati Infrastructure. The auction will be held on March 26.

The auction for most of the assets will be held under the Swiss challenge method. Under the Swiss challenge method, an entity that has received an unsolicited bid for an asset issues details of the bid and invites third parties to match or exceed it. The bank is selling the assets on a cash basis.

As of March 12, US$1 was equivalent to 69.64 Indian rupees.