What assets it holds in the European country and which would be part of the deal were not specified.
The group is considering the sale to augment its balance sheet and credit ratings amid the realty sector and shadow banking sector slowdowns
Kolkata-based Adhunik Power & Natural Resources Ltd is the largest account, where the bank is looking to sell loans worth Rs 807 crore and equity worth close to Rs 200 crore.
Government will soon come out with detailed guidelines for disposal of land and other assets of state-owned sick and loss making companies which are being considered for closure.
If the deal does not go through, some pressure will be seen on the stock in near-term, says Tarang Bhanushali of IIFL who has a reduced rating on Tata Steel. In case of no deal, the target price for the stock is Rs 305.
The asset is a campus that the company set up from the proceeds of the IPO and runs a college for 11th and 12th standards.
Orbit Corporation feels that high interest costs have hurt the company's performance till now. The company will now focus on paring debt to reduce the interest costs going forward.
Tata Communications joins the bandwagon of top corporates who are looking to raise funds through asset sale. CNBC-TV18 learns that the company wants to raise Rs 1000 crore via the sale of five properties. CNBC-TV18‘s Priyanka Ghosh reports.
The company law board (CLB) has put a stay on Uninor auction after joint-venture partner Unitech raised objections. The CLB has also said it will hear the Unitech petition challenging the Uninor resolution on asset sale on August 8, reports CNBC-TV18's Malvika Jain.