SBI, Oriental Bank put stressed accounts on sale

The country's largest bank will put on sale accounts of mostly small and medium companies (SMEs), which amounts to Rs 4,667 crore.

State Bank of India (SBI) and Oriental Bank of Commerce (OBC) have put on sale financial accounts of the stressed companies. The move by these state-owned banks is aimed to recover dues of around Rs 5,740 crore.
 
State Bank of India has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs). The country's largest bank will put on sale accounts of mostly small and medium companies (SMEs), which  amounts to Rs 4,667 crore. The total amount that SBI wants to recover is Rs 4,975 crore.
 
The bank has identified 281 SME accounts for sale by SBI, with dues of up to Rs 50 crore. There are also three other accounts - Dennis Steels (Rs 259 crore), Shiva Speciality Yarns (Rs 38 crore) and Bansidhar Spinning & Weaving Mills (Rs 12 crore).
 
OBC has identified 13 accounts, with a collective outstanding of Rs 764 crore, said its company website. Those put on sale are Mittal Corp (Rs 207 crore), Jayaswal Neco Industries (Rs 157 crore), NCS Sugars (Rs 107 crore), Mahalaxmi TMT (Rs 78 crore), Kohinoor Steel (Rs 45 crore), Sova Ispat Alloys (Rs 38 crore), Atlantic Projects (Rs 33 crore) and Sova Ispat Alloys (Mega Projects) (Rs 31 crore).
 
OBC will launch e-bidding on February, while SBI on February 27. 
 
Source: Timesofindia.com

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