The Indian corporate world has been completely submerged into the huge debts and following the action from banks the corporate houses have put up most of their assets for sale. everything from Airports, roads, ports, steel plants, cement units, refineries, corporate park, among others, are available for the sale. Let’s take a look at the list of sellers and how much they owe to the Indian banks.
The exit of Mallya from India with the label of defaulter had resulted into bankers getting awakened from the deep sleep. Mallya took away 9000 crores plus with him and the possibility of recovery has become next to impossible. The banks have made all the efforts to sell whatever assets they had to make the recovery but in vain. This taught good lessons to the Banks and they became alerted and as a result of the same now the government’s disinvestment policies have made the Indian corporate house to put their assets on biggest ever fire sale.
According to the sources, Reserve Bank of India’s (RBI) has decided to clean up the balance sheets of Indian banks, which are collectively saddled with Rupees five lakh crore of bad loans, by the end of this fiscal. So, the banks have started cracking the whip on Indian companies for the repayment of loans. For most affected firms and groups, this will mean they are forced to sell prized assets to repay their ballooning debts.
The sources have further said that, there are ‘for sale’ tags on airports, roads, ports, steel plants, cement units, refineries, malls, corporate parks, land banks, coal mines, oil blocks, express highways, airwaves, Formula One teams, hotels, private jets, and even status symbol corporate HQs. Substantial stakes in firms, and in some cases entire companies, are on the block. The most shocking thing that has been surfaced in the reviews about the billion dollar loans piles on the top 10 business house debtors in India to the tune of 5,00,000 crores and according to the sources, they will be forced to repay Rs. 2,00,000 crore by selling their assets. — NEXT PAGE —-