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Report: Indian banks to auction Kingfisher Airlines HQ

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Report: Indian banks to auction Kingfisher Airlines HQ

A consortium of 17 Indian banks is once again trying to sellthe headquarters of Vijay Mallya's defunct Kingfisher Airlines in a bid torecover part of theirdues, the Press Trust of India reported May 4, citing a source.

The banks have started a new valuation process forKingfisher House and an auction is expected to follow soon after, the sourcesaid.

The consortium is looking to recover up to 90 billion rupeesin loans from the defunct airline. The banks had last tried to sell theheadquarters in March but no bidders came forward given the high reserve priceof 1.5 billion rupees.

It is proving to be an uphill task for the banks to recovertheir dues. The banks have also tried to auction the airline's brands and trademarks but biddersalso found the reserve prices of 3.67 billion rupees to be very high.

As of May 4, US$1 wasequivalent to 66.58 Indian rupees.