SBI News: SBI keen to sell stressed power, other loans

(SBI) is looking for consumers for its distressed loans, and a couple of third of those are to the ability sector. A few of these accounts embody the Ruia-promoted Essar Energy Gujarat, Anil Ambani’s Vidarbha Industries Energy, KSK Mahanadi Energy and Meenakshi Vitality, three individuals conscious of the event informed ET. circulated an inventory of 168 accounts amongst asset reconstruction firms and distressed-loan consumers final week.

These accounts totaled unpaid liabilities of Rs 31,363 crore, sources mentioned. SBI didn’t reply to ET’s queries. Inordinate delays in debt decision of the distressed firms in chapter courts and a nudge from the federal government to supply extra loans to already distressed energy firms have inspired lenders to take a look at exit choices.

The 2 main accounts within the SBI checklist, reviewed by ET, are VOVL Ltd, an

linked to Videocon industries with an impressive mortgage of Rs 5,090 crore, and KSK Mahanadi Energy, with Rs 4,101 crore in unpaid liabilities. “It is a preliminary checklist of enormous company accounts to gauge traders’ curiosity,” mentioned a senior financial institution official. “In among the accounts, the financial institution is in superior talks with consumers.”

SBI has invited binding bids to promote its KSK Mahanadi Energy loans on Might 30, having postponed the deadline twice up to now. A dozen candidates, together with Varde Capital-backed Aditya Birla ARC and Phoenix ARCs, submitted expressions of curiosity. The financial institution has set a reserve worth of 29 paise for every rupee.

Different big-ticket energy sector accounts are Essar Energy Gujarat of Rs 1,240.5 crore, Vidarbha Industries Energy of Rs 1,245 crore, Coastal Energen at Rs 1,531 crore and Meenakshi at Rs 1,312 crore.

Final month, state-run banks agreed to finance distressed energy firms present process insolvency proceedings following a nudge from the Centre to assist bridge energy shortages.

Different energy producers on the checklist embody Wind World India (`992.8 crore), IL&FS Tamilnadu Energy Co (`543 crore), and Bhadreshwar Vidyur Energy (Rs 262 crore). It additionally contains a number of firms that lenders have recognized on the market to the newlyformed Nationwide Asset Reconstruction Firm Ltd (NARCL) — a authorities promoted ARC.

These embody accounts corresponding to

, Mittal Corp and . The checklist additionally contains a number of street venture firms.

SBI’s gross non performing loans stood at Rs 112023 crore and restructured mortgage ebook stood at Rs 30,960 crore as on finish March 2022.