Union Bank to Auction Rs.Rs.2,316 Crore NPAs on August 23
ECONOMY & POLICY

Union Bank to Auction Rs.Rs.2,316 Crore NPAs on August 23

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.

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.

Next Story
Resources

Workplace Solutions Company IndiQube, Surpasses 100 Properties Milestone

Workplace solutions company, IndiQube has surpassed the 100 properties milestone. The company that started nine years ago with a single property in Bengaluru has now expanded across 14 cities and caters to 700+ clients. Today, the company has a portfolio of over 7.2 million square feet with presence across major tier I cities including Bengaluru, Pune, Chennai, Hyderabad, Mumbai, Gurgaon and Noida. Also, post pandemic the company has made its foray into tier II cities including Coimbatore, Jaipur, Madurai, Kochi, Vijayawada, Calicut and Mohali. In Bengaluru, IndiQube has 59 properties cove..

Next Story
Infrastructure Transport

Ashoka Buildcon turns lowest bidder for Rs 27.91 billion NHAI projects

Ashoka Buildcon Ltd announced on November 18, 2024, that it has emerged as the lowest bidder (L-1) for two National Highways Authority of India (NHAI) projects in West Bengal, with a combined value of Rs 27.91 billion. These Engineering, Procurement, and Construction (EPC) projects will be executed under the Hybrid Annuity Model (HAM). The first project involves developing a four-lane economic corridor between Bowaichandi and Guskara-Katwa Road (Km 89.814 to Km 133) of NH 116A (Package-3). This project is valued at Rs 13.91 billion, excluding GST, and is expected to be completed within 910 d..

Next Story
Infrastructure Energy

Tata Power, Jakson, Ashoka Buildcon lead solar EPC market in 1H 2024

Tata Power Solar, Jakson Green, and Ashoka Buildcon have emerged as the top utility-scale solar engineering, procurement, and construction (EPC) providers in India during the first half (1H) of 2024, according to Mercom India’s Solar Market Leaderboard for 1H 2024. Gensol Engineering and InSolare Energy also secured spots in the top five. Tata Power Solar led the market with a 32.7% share, followed closely by Jakson Green at 32.1%, while Ashoka Buildcon claimed the third spot with 6.5%. Gensol Engineering and InSolare Energy accounted for 6.2% and 5.1% of the market, respectively. Together..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000