Union Bank likely to sell Essar Steel, Bhushan Steel loans

摘要

Public sector lender Union Bank of India has sought bids to sell its exposure in Essar Steel Ltd. and Bhushan Steel Ltd., two of the largest stressed accounts under resolution through India's new bankruptcy law. The bank is selling Rs 1,569 crore worth of loans of Essar Steel and Rs 1,130-crore Bhushan Steel loans through competitive bidding, it said in a notice. The lender has sought bids from banks, non-banking finance companies and asset reconstruction companies by Jan. 22.