Kingfisher Airline's assets have been sold by banks to recover Rs 1000 crore: SBI

Kingfisher Airline's assets have been sold by banks: SBI
State Bank of India (SBI), India's largest bank, has said that the banks which lent money to Kingfisher Airlines have recovered nearly Rs 1000 Cr by selling assets of the now defunct airlines.

SBI Chairman Mr. Pratip Chaudhuri said today "KFA recoveries are going on. We have substantial amount of recoveries. Total recoveries for banks are more than Rs 800-1000 crore."

A group of 17 banks led by SBI has an outstanding of more than Rs 7000 crore on the defunct airline and holds shares of United Spirits and the brand Kingfisher as collateral. These shares could help the banks realize another Rs 500 crore.

Chaudhuri said that they are making full efforts to recover the debt from the airline.

"We are making all efforts. We have treated this loan 100 per cent provided for. It does not mean that we are not going after assets."

Read more about: state bank of india
Story first published: Tuesday, May 7, 2013, 9:30 [IST]
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