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Bank of India eyes 5B rupees from sale of noncore assets

Bank of India expects to receive up to 5 billion rupees from the sale of noncore assets, as well as write back provisions totaling more than 18 billion rupees due to the resolution of Essar Steel assets, The Hindu Business Line reported March 14.

The bank has made 100% provisioning towards the Essar Steel account and is hopeful of a write-back of more than 18 billion rupees from the resolution of the account, said Dinabandhu Mohapatra, the bank's CEO and managing director.

The bank's noncore assets include STCI Finance and Star Union Dai-ichi Life Insurance Co. Ltd. The bank had previously said it was considering selling its 28.96% stake in the life insurance joint venture for up to 12 billion rupees.

As of March 14, US$1 was equivalent to 69.35 Indian rupees.