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05-Jun2017

Andhra Bank, Allahabad Bank to sell around Rs 6,000 crore of bad loans: Report

Andhra Bank and Allahabad Bank are reportedly planning to sell around Rs 6,000 crore of bad loans amid mounting pressure on state-run lenders to clean their books. While Andhra Bank is planning to sell more than 100 accounts adding to about Rs 4,000 crore of loans, Allahabad Bank has invited bids for 73 accounts with outstanding loans of Rs 2,000 crore.

The assets on sale include Seven Hills Hospital, Visa Power, Visa Steel, L&T Chennai Tada Toll Road, KS Oil, Transstroy India and a few of its associate companies, Maheshwari Ispat and Abhijeet Power. Nearly two dozen asset reconstructions companies (ARCs) will participate in bidding for the bad loans on offer.


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