SBI Invites Expression Of Interest To Sell Two Dud Accounts To Recover Rs 423 Crore
A porter carries a bundle of papers in front of the State Bank Of India Ltd. in Kolkata, India. (Photographer: Sucheta Das/Bloomberg News)

SBI Invites Expression Of Interest To Sell Two Dud Accounts To Recover Rs 423 Crore

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State Bank of India has invited expression of interest from asset reconstruction companies and financial institutions to sell two non-performing accounts to recover dues of more than Rs 423 crore.

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

"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.

Steelmaker 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 the 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 expression of interest and executing a non-disclosure agreement with the bank," SBI said.

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

Also read: Jet Airways’ Sale Process Begins, Interested Bidders Prepare For Due Diligence

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