UBI targets 80% recovery by selling over Rs 1,000 cr NPAs
Union Bank of India has put on sale nonperforming assets (NPAs) worth ₹1,217 crore and the bank is looking to recover ₹1,012 crore, targeting 80% recovery on the sale of loans. The portfolio on sale comprises 16 accounts, including advances to Gammon India, Supertech Realty, Hotel Horizon, and ACCIL Corp.
Want to take exposure to a sector which grows much faster than GDP
Prospective buyers have until February 13 to submit their bids based on the bank's set reserve price. Gammon India, which has the largest share in the portfolio with a total debt of ₹252 crore, has a reserve price set at ₹87 crore.
Hotel Horizon's debt of ₹212 crore is on sale with a reserve price of ₹213 crore, while Supertech Realty's debt of ₹170.84 crore is open for bids with a reserve price at ₹205 crore.
