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Jun, 27 2014

Leela Group to offload loans

Worth Rs 4,000 crore.

Lenders of the Leela Group of hotels have decided to offload loans to Asset Reconstruction Companies (ARCs). The bank is planning to offload a loan worth Rs 4,000 crore in a move to reduce pressure from big-ticket bad loans on the lenders' balance sheets.

According to an ARC executive, “The aim was to conclude the process this month, as banks wanted to get the asset off their books in quarter of this financial year. All lenders to the hospitality company had agreed State Bank of India (SBI), one of the lenders would offload loans to ARCs. Lenders to the company include Bank of India, SBI's associate banks and Export and Import Bank of India.

ARCs bid for the loans included JM Financial Asset Reconstruction Company and Edelweiss.

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