Central Bank puts Bhushan Power, Essar Steel to recover bad loans

New Delhi: State-owned Central Bank of India has put up for sale four stressed accounts, including Bhushan Power & Steel and Essar Steel India, to recover dues of Rs 3,321 cr. “In terms of the bank’s policy on sale of financial assets in line with the regulatory guidelines, we place the following accounts for sale to banks/ARCs/NBFCs/FIs,”

Central Bank of India has said in a bids invite document on its website. Alok Industries and Bombay Rayon Fashions are the two other stressed assets that lender wants to get rid off.

According to the bid document, Bhushan Power & Steel has an outstanding of Rs 1,550.07 cr towards the bank. Alok Industries owes Rs 1,251 cr, Essar Steel India Rs 423.61 cr, while Bombay Rayon Fashions has an outstanding due of Rs 96.30 cr. The e-auction will be on March 20.

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Free Press Journal