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Bank of Baroda to sell about 28.74B rupees of nonperforming assets

Bank of Baroda said June 14 that it plans to sell about 28.74 billion Indian rupees worth of nonperforming assets.

The lender intends to sell assets on three accounts Binani Cement Ltd., Essar Steel India Ltd. and Bhushan Power Steel Ltd. with outstanding dues of 3.29 billion rupees, 9.94 billion rupees and 15.51 billion rupees, respectively.

The sale will be subject to final approval from the lender's competent authority and will be on a cash term basis. The bank reserves the right not to proceed with the divestment.

As of June 14, US$1 was equivalent to 67.64 Indian rupees.