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Report: IDFC Bank sells 50B rupees of bad loans

IDFC Bank Ltd. recently closed the sale of nine stressed loan portfolios totaling about 50 billion Indian rupees to Edelweiss Asset Reconstruction Co., The Economic Times of India reported March 27, citing "people familiar with the matter."

The sale was completed earlier in March. The recovery process is expected to start in the fiscal year 2017-2018, an executive with direct knowledge of the deal said.

IDFC Bank and Edelweiss did not immediately respond to emails seeking comments, the news outlet said.

Edelweiss Asset Reconstruction is a unit of Edelweiss Financial Services Ltd.

As of March 27, US$1 was equivalent to 65.06 Indian rupees.