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State Bank of India to sell 2.30B rupees of nonperforming loans

State Bank of India is planning to sell 2.30 billion rupees of nonperforming loans to banks, asset reconstruction companies and other financial institutions.

In a May 28 notice posted on its website, the bank said it is selling nonperforming loans belonging to Lovely International Pvt. Ltd. and Lovely Enterprises Pvt. Ltd., Abhijeet Ferrotech Ltd., Trichy Tanjavur Expressway Ltd. and Madurai Tuticorin Expressway Ltd.

Interested buyers have until May 30 to submit their expression of interest. The bidding on the assets will be held on June 20.

As of May 28, US$1 was equivalent to 69.60 Indian rupees.