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At ₹410 crore, JC Flowers highest bidder for Sathavahana Ispat debt
Updated:
Updated:
April 12, 2021 12:50 IST
A consortium comprising Canara Bank, State Bank of India, Union Bank and IFCI had called for bids for sale of the debt.
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A consortium comprising Canara Bank, State Bank of India, Union Bank and IFCI had called for bids for sale of the debt. JC Flowers Asset Reconstruction has emerged the highest bidder, with its bid of ₹410 crore, for acquiring the debt of Hyderabad-based Sathavahana Ispat.
A consortium comprising Canara Bank, State Bank of India (SBI), Union Bank and IFCI had called for bids for sale of the debt. Sathavahana Ispat owes them over ₹1,000 crore and the debt is classified as non-performing assets (NPA) in the books of the lenders for more than three years, a note said.