IOB to sell 92 NPAs worth Rs. 13000 crore, among biggest sales

In one of the largest sale of bad loans, state-owned Indian Overseas Bank has announced the sale of 92 NPA loans with a collective value of Rs 13,471 crore. The bank has also made the list of non-performing accounts public, which includes Videocon, Lanco, IL&FS Financial Services, Jet Airways and Reliance Communications.

According to IOB’s list, Videocon Industries, Videocon Oil Ventures and Videocon Telecommunication collectively accounted for an outstanding book of Rs 1,486 crore as on March 31, 2024.

Next is a collective outstanding book of Lanco Infratech, Lanco Babandh Power, Lanco Resources International and Lanco Vidarbha Thermal Power at nearly Rs 1,283 crore. The bank called for expressions of interest from asset reconstruction companies and other lenders to transfer the NPA accounts offered on a portfolio basis in two lots through e-auction.

The first portfolio comprises 46 accounts financed under consortium arrangements, three accounts under multiple banking arrangements and the remaining two accounts being sole banking ventures, IOB said in a statement.