HomeBusinessTo recover Rs 423 crore, SBI invites Express of Interest to sell two dud accounts
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To recover Rs 423 crore, SBI invites Express of Interest to sell two dud accounts

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SBI has invited expression of interest from asset reconstruction companies and financial institutions to sell two non-performing accounts to recover dues of over Rs 423 crore.

The e-auction for the NPA accounts — Kamachi Industries and SNS Starch –is scheduled for April 25, 2019, SBI said in an expression of interest (EoI) invite.

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“In terms of the bank’s policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to banks/ ARCs/NBFCs/ FIs,” SBI said.

Steel maker Kamachi Industries has an outstanding of Rs 364.80 crore while SNS Starch –which manufactures and exports various grades of starch — owes Rs 58.87 crore to SBI.

The reserve price for sale of Kamachi Industries is fixed at Rs 165 crore and SNS Starch at Rs 36.56 crore.

“The interested banks/ARCs/ NBFCs/ FIs can conduct due diligence of these assets with immediate effect, after submitting EoI and executing a non-disclosure agreement with the bank,” SBI said.

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The sale will be on 100 percent cash basis, the bank said.

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Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.
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