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Essar Steel resolution likely in March – PNB & BOI

Steel News - Published on Fri, 15 Mar 2019

Image Source: The Hindu Business Line
Moneycontrol News reported that top lenders involved in Essar Steel debt resolution on March 14 said the final decision and recoveries from the account are likely by the end of the month. Mr Sunil Mehta MD & CEO of Punjab National Bank said “Decisions on Essar Steel have been taken decisively. Hope to resolve it by March 31. PNB expects to recover about INR 2,500 crore from Essar Steel.”

A top official of another lender also sounded optimistic on the recovery before the bank closes the books for the current financial year on March 31. Mr Dinabandhu Mohapatra, MD & CEO of Bank of India said that the lenINR Rs 1,800 crore from the account. He said “We are expecting big recoveries. Our provision coverage ratio is among the highest in the industry at 76.7% and in some cases we have made 100% provisions and we are hopeful to write back directly to our profit.”

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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