SBI to sell 3 Non-performing asset accounts in the next month amounting Rs 235 crore

According to a sales notice, the State Bank of India in the next month will sell three bad accounts to asset reconstruction firms or other financial institutions in order to recover over Rs 235 crore in debt.

According to SBI's policy on the selling of financial properties is in accordance with regulatory guidelines, the bank has put Heavy Metal and Tubes Ltd, Khare and Tarkunde Infrastructure Pvt Ltd, and Elize International Ltd for sale to salvage a total of Rs 235.32 crore.

The online auction of Heavy Metal and Tubes, as well as Khare and Tarkunde, will be conducted on June 7th, whereas Elize will take place on June 8th.

After sending expressions of interest and signing a non-disclosure agreement with the bank, interested ARCs/banks/NBFCs/FIs will perform due diligence on these assets immediately, according to SBI.

Heavy Metal and Tubes is based in Ahmedabad, they manufacture stainless steel tubes and valves, whereas Khare and Tarkunde is a Nagpur based business in the real estate sector. Elize International is a garment production company based off Kolkata.

Heavy Metal owes the SBI Rs 116.91 crore, while Khare and Tarkunde owes Rs 99.84 crore, and Elize International Rs 18.57 crore. The reserve prices for these NPA accounts for sale have been fixed by the bank at Rs 27.50 crore, Rs 15 crore, and Rs 8 crore, respectively.