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SBI sells distressed KSK Mahanadi loans to Aditya Birla ARC for Rs.1,622-Cr

Economic Times  

State Bank of India (SBI) has sold distressed KSK Mahanadi Power's INR 3,815-crore outstanding loans to Aditya Birla Asset Reconstruction Co for INR 1,622 crore. The move is expected to help the bank shore up its earnings in the second quarter. This would be the single-largest distressed loan sale on an upfront payment basis by any bank, equating to a recovery of 42% for the bank. Aditya Birla ARC's bid was supported by its joint venture partner, Varde Partners.