IDBI Bank to sell bad loans, including RCom’s

MUMBAI: In a bid to clean up its book faster and protect its balance sheet from further provisions, IDBI Bank has put on the block several large loans, including Reliance Communications (RCom) and Reliance Telecom (see graphic).

The public sector bank, which was recently sold by the government to Life Insurance Corporation (LIC), has put on the block loans of RCom and Reliance Telecom with gross principal outstanding of Rs 1,056 crore. It is also selling loans of Loop Mobile valued at Rs 105 crore. Other NPA assets for sale are Mittal Corp (Rs 73-crore exposure), Amzen Transportation Industries (Rs 79 crore), Nandhi Dal Mills (Rs 32 crore) and Sunrise Pictures (Rs 7.83 crore).