Union Bank of India has invited expressions of interest (EoIs) for the acquisition of non-performing assets (NPAs) totaling ?23.16 billion from 45 accounts, with an open auction set for August 23. The bank expects to recover over ?17.5 billion, or around 75% of the principal outstanding.

EoIs have been invited from asset reconstruction companies (ARCs), banks, NBFCs, financial institutions, and alternative investment funds by August 22. Binding bids will be submitted through an e-auction, with the highest bidder being declared immediately after. A Swiss challenge auction for accounts receiving single or multiple bids during the e-auction will be held on August 31.

Large accounts in the auction include Leo Meridian Infra Projects (?2.64 billion), Sahara Hospitality (?2.62 billion), and Panduranga Energy Systems (?2.30 billion). Some accounts, unsold in a previous June auction, are also up for bidding.

In Q1 FY25, Union Bank's gross NPAs stood at ?414.23 billion, down 4% sequentially, while net NPAs decreased by 12.1% to ?79.02 billion.