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Jan 10, 2018 01:36 PM IST | Source: Moneycontrol.com

Stressed assets worth over Rs 17,000 cr put on sale by Bank of Baroda, Union Bank

Bhushan Steel and Essar Steel were included in the first list of 12 firms identified by the Reserve Bank of India for resolutions under the Insolvency and Bankruptcy Code (IBC).

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Public sector lenders Bank of Baroda and Union Bank of India have put NPA assets worth Rs 17,550 crore on sale to avoid steep provisioning, reports The Economic Times.

Bhushan Steel and Essar Steel, which formed a part of the assets on sale, were included in the first list of 12 firms identified by the Reserve Bank of India for resolutions under the Insolvency and Bankruptcy Code (IBC).

The report said Bank of Baroda list contains foreign currency loans to 17 companies totalling Rs 3,335 crore and has invited bids for 42 accounts worth Rs 13,566 crore. Union Bank of India has invited bid for 18 accounts amounting to Rs 3,985 crore.

Bank of Baroda has set January 20 as the last day for potential suitors to submit their bid for these assets and will consider only cash offers. Whereas Union Bank is ready to accept ‘only cash’ as well as ‘cash and security receipts’ for stressed loans with January 20 being the last date for accepting bids.

Union Bank is selling Essar Steel’s loan amounting to Rs 1,500 crore and Bhushan Steel worth Rs 1,200 crore.

The other big loan accounts that Bank of Baroda has put on block includes loans Bhushan Power & Steel, ABG Shipyard, Alok Industries, Amtek Auto and Electrosteel Steels. GVK Coal Developers, GTL, Aban Holdings, Amtek Auto, Monnet Ispat and Bhushan Power are the foreign currency loan that has been put up for sale.
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