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

14 Aug 2024 CW Team

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.

Infrastructure Transport

20 Jun 2025

Dassault To Build Falcon Jets In India With Reliance

Reliance Infrastructure Ltd鈥檚 subsidiary, Reliance Aerostructure, has signed an agreement with France鈥檚 Dassault Aviation to manufacture Falcon 2000 business jets in India, with the first batch expected to roll out from its Nagpur facility by 2028. This marks the first time a Falcon aircraft will be entirely built outside France.The announcement sent Reliance Infrastructure shares surging, hitting the 5 per cent upper circuit on the BSE. Anil Ambani, Chairman of Reliance Group, hailed the agreement as a 鈥渟ymbol of India鈥檚 technological and manufacturing strength鈥�, adding that it aims..

Infrastructure Urban

20 Jun 2025

INDEA Lays Foundation for India鈥檚 First Auto Design School

The Indian School for Design of Automobiles (INDEA), the country鈥檚 first institute focused solely on automobile design and management, held its foundation stone ceremony at XLRI Delhi-NCR. The event was graced by Union Minister for Road Transport and Highways, Nitin Gadkari, who virtually unveiled the stone as Chief Guest.INDEA aims to become a premier talent hub, driving innovation in the Indian automotive sector. The school will focus on advanced design, mobility solutions, and sustainable practices, playing a vital role in shaping India鈥檚 transition from a cost-driven to a quality-led a..

Infrastructure Transport

20 Jun 2025

Karnataka Launches Global Innovation Hub at Airport City

The Government of Karnataka, in collaboration with Bengaluru Airport City Limited (BACL) and ANSR, has launched a global innovation hub named District I at Bengaluru Airport City's business park. The initiative aims to elevate India鈥檚 innovation ecosystem to a global scale by fostering collaboration among startups, academia, enterprises, and government bodies.District I will serve as a platform for deep-tech entrepreneurship, enterprise innovation, and commercialisation of academic research. It brings together Global Capability Centres (GCCs), IT firms, corporate labs, startups, venture capi..