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IDBI Bank seeks buyers for 97.56B rupees of bad loans

India's IDBI Bank Ltd. is seeking to sell 97.56 billion rupees worth of nonperforming loans.

The state-run bank is selling 20 accounts including loans granted to JBF Petrochemicals Ltd., Lanco Amarkantak Power Ltd. and Reliance Communications Ltd. The bank is offering the assets to asset reconstruction companies, banks and other financial institutions on a cash or security receipts basis.

The last date for submission of expression of interest is Oct. 15.

As of Sept. 24, US$1 was equivalent to 70.91 Indian rupees.