PTI New Delhi, Delhi, India
Nov 25, 2018, 11.43 AM
To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts.
The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document.
"Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only," the bank said.
The state-owned lender said that the bids may be submitted for tranches and/or individual basis.
All ARCs that are registered as a securitisation and reconstruction company pursuant to Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI Act), that have tendered their letters of interest and non-disclosure agreements pursuant to the notification of the bank are eligible to participate in the sale process subject to applicable regulations, it added.
The bank's major NPA accounts include Corporate Power Ltd at Rs 125.95 crore (total outstanding Rs 306.65 crore); Visa Steel Ltd Rs 128.71 (total Rs 211.76 crore); Tulsyan NEC Ltd Rs 106.44 crore (Rs 154.15 crore) and Corporate Ispat Alloys Ltd Rs 65.06 crore (Rs 147.86 crore).