Banking

IDBI Bank to sell Sew Infrastructure’s NPAs by Aug 20

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The sale of assets to ARCs, banks, non-banking finance companies and financial institutions will be on ‘as is where is and as is what is basis’ and without recourse basis to IDBI Bank.

IDBI Bank has invited bids from non-banking finance companies, asset reconstruction companies (ARC), banks and financial institutions to sell non-performing assets (NPAs) of Sew Infrastructure by August 20. The company owes Rs 80.53 crore to IDBI Bank and the reserve price for the NPAs has been set at Rs 25 crore by the lender.

Interested bidders have to submit their expressions of interest by August 5 and complete the due diligence exercise by August 19. Submission of bids has to be completed by 3 pm on August 20, while opening of bids will take place at 5 pm on the same day. The sale of assets to ARCs, banks, non-banking finance companies and financial institutions will be on ‘as is where is and as is what is basis’ and without recourse basis to IDBI Bank.

Hyderabad-based SEW Infrastructure offers services to civil engineering construction projects, such as tunnels, power transmission, public health engineering, commercial buildings, property development, dams, barrages, industrial structures and ports.

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Read more at www.financialexpress.com

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