ICICI Bank and Axis Bank sold Rs.1,800 crore of loans to paper maker Ballarpur Industries Ltd to Edelweiss Asset Reconstruction Company.
Bankers stated that this is possibly the first instance of a potential bad loan being sold off. It’s also the first time that loans have been sold to an asset reconstruction firm. Axis Bank sold loans of Rs.1,200 crore and ICICI Bank sold loans of Rs.600 crore.
Takeaways from above News-
- ICICI, Axis Bank sell Rs 1800 crore Ballarpur loans to Edelweiss Asset Reconstruction Company
- ICICI bank headquarter is in Mumbai and CEO is Chanda Kochhar
- Axis Bank headquarter is in Mumbai and CEO is Shikha Sharma
- Ballarpur is a town and a municipal council in Chandrapur district in the state of Maharashtra, India.
If you have any other takeaways, do share with us in the comment section
Source- The Economic Times