Indian Overseas Bank Receives Interest for Bad Loan Sale

25 Jan 2025 CW Team

Chennai-based Indian Overseas Bank (IOB) has received up to 10 expressions of interest (EoIs) from asset reconstruction companies (ARCs) for purchasing a mix of large and small loan accounts that the bank put up for sale earlier this month, according to sources familiar with the matter. The total bad loans on sale amount to Rs 6.38 billion and include unsecured education loans and loans given to micro and small enterprises (MSMEs). Loans with outstanding amounts up to Rs 30 million were made available for sale last month. This is the bank's second such process recently, following an earlier sale of Rs 115 billion in corporate bad loans earlier this month. For the Rs 2.45 billion ($30 million) in unsecured education loans, IOB has set a reserve price of 50% of the outstanding value, or Rs 1.22 billion. The bank expects at least 25% of the bid amount to be paid in cash, with the remaining 75% in security receipts (SRs) redeemable after recovery. Similarly, for the Rs 3.93 billion in MSME loans, the reserve price is set at 40% of the outstanding value, or Rs 1.57 billion, with the same cash-to-SR payment structure. Interested bidders can participate in the e-auction for these accounts scheduled for January 31.(ET)

Real Estate

05 Aug 2026

CREDAI-MCHI to Host 10th Design & Construction Conference

CREDAI-MCHI will host the 10th anniversary edition of its Design & Construction Conference on August 19, 2026, at the Jio World Convention Centre in Mumbai.The event is expected to bring together more than 500 procurement leaders, construction heads, architects, consultants and senior real estate decision-makers, alongside over 50 construction and ancillary brands.The conference will feature product launches, technology showcases, knowledge sessions, strategic business-to-business networking and recognition of procurement professionals contributing to the transformation of the construction..

BorgWarner Wins Extension for High-Voltage Inverter Programmes

BorgWarner has secured a major extension of several high-volume high-voltage inverter programmes from a leading European automotive manufacturer.The contracts cover updated inverter designs for plug-in hybrid and 800V battery-electric vehicle applications. Production is scheduled to begin in 2029.Isabelle McKenzie, President and General Manager, BorgWarner PowerDrive Systems, said the programme extensions demonstrate the company’s position in power electronics and reflect the strength of its technology, in-house expertise and customer relationships.For plug-in hybrid vehicles, BorgWarner wil..

Castrol India Q2 Profit Rises 43% to Rs 3.48 bn

Castrol India reported a 43 per cent year-on-year increase in profit after tax to Rs 3.48 billion for the quarter ended June 30, 2026, supported by growth across its consumer, industrial and institutional businesses.Revenue from operations increased 25 per cent to Rs 18.71 billion during the second quarter of 2026, compared with Rs 14.97 billion in the corresponding period of 2025. EBITDA rose 41 per cent to Rs 4.94 billion from Rs 3.50 billion.Sequentially, revenue increased from Rs 15.45 billion in the first quarter of 2026, while EBITDA rose from Rs 3.29 billion. Profit after tax increased ..