The insolvency resolution process for Bhushan Steel is expected to be completed by 22 January. Photo: ReutersMumbai: Indian Overseas Bank (IOB) is selling Rs600 crore worth exposure in debt-laden steel firm Bhushan Steel Ltd, said two people aware of the development. The insolvency resolution process for Bhushan Steel is expected to be completed by 22 January. Sale of loan will allow IOB to exit its exposure in Bhushan Steel swiftly. At the end of September, the bank had non-performing assets worth Rs34,708.59 crore and a gross bad loans ratio of 22.73%.

Source: Mint December 27, 2017 19:30 UTC