Union Bank of India puts 41 NPAs worth ₹1,561 cr on block
Union Bank of India has put up for sale 41 bad-loan accounts, including those of Nirmal Lifestyle and Future Brands, totalling ₹1,561 crore in principal outstanding. Bidders can submit expressions of interest (EoIs) until February 11, and e-auctions are slated February 12, documents showed.
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Sahara Hospitality and Panduranga Energy Systems are also among these accounts the public-sector bank wants sold to help clean up its books ahead of the fiscal year end.
Union Bank has sought bids from asset reconstruction companies, banks, NBFCs and alternative investment funds. A second round of bidding, through the Swiss Challenge method and allowing interested buyers to beat the top bid, will be held on February 20.
Sahara Hospitality, the hotel operator from the stressed Sahara Group is the largest debtor on the list with total outstanding of ₹262 crore followed by Hyderabad's 470 MW gas-based power company Panduranga Energy Systems with loan dues of ₹230 crore. ET could not ascertain the total dues including interest.
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