Apart from handling problems stemming from deteriorating asset quality, the State Bank of India is also the largest lender to debt-ridden Kingfisher Airlines. Vijay Mallya's airline will lose its headquarters in Mumbai after lenders put up the house for auction to reclaim loans. Speaking to CNBC-TV18, SBI chairman Pratip Chaudhuri confirmed SBI Cap Securities' possession of Kingfisher's corporate office in Mumbai.
The consortium of lenders are looking at other recovery processes as well such as the sale of Kingfisher’s pledged shares which raised around Rs 500 crore. The banks are also looking to sell other physical properties like the Kingfisher Villa in Goa. The consortium is firing all cylinders to recover around Rs 6,000 crore from the airline.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
