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State Bank of India to sell 35.54B rupees of nonperforming assets

State Bank of India plans to sell its nonperforming assets worth 35.54 billion Indian rupees.

The sale is made up of NPAs across 24 accounts that will be sold to interested banks, asset reconstruction companies and other financial institutions, the bank said in a document recently obtained by S&P Global Market Intelligence.

Top accounts include Jai Balaji Industries Ltd. with 8.73 billion rupees of NPAs, MSP Metallics Ltd. with 5.55 billion rupees and Shiva Texfab Ltd. with 5.32 billion rupees of NPAs, Business Standard reported Oct. 6.

The bank set Oct. 11 as the last date for interested buyers to complete due diligence exercises, with the electronic bidding process ending Oct. 13.

The sale is subject to relevant regulatory approvals.

As of Oct. 5, US$1 was equivalent to 65.14 Indian rupees.