Punjab National Bank Puts Up Steel & Agri Firm Based in MP For Auction To Recover Rs.200 Crore

The Punjab National Bank (PNB) has put up Madhya Pradesh-based firm up for sale in order to recover over 200 crore in debts. The business in question is involved in the steel and agriculture sectors. 

The National Steel and Agro Industries Ltd has a. balance outstanding total of Rs.199.90 crore. 

In its auction notification, PNB stated, "We propose to submit the account for sale to ARCs/NBFCs/other banks/FIs on the terms and conditions established in the bank's policy, in accordance with regulatory guidelines." 

The reserve price (on a cash basis) for the sale process has been set at 95 crore by the state-run bank. The bank stated that it will make every attempt to bring copies of documents to one location in order to speed the due diligence process for the potential bidder and for the buyer's verification purposes. 

PNB, on the other hand, stated that it reserves the right, at its sole discretion, to withdraw the account offered for sale. 

The deadline for prospective bidders to complete the due diligence process has been set on December 8 by the lender. Bids must be submitted by December 9th to be considered binding. On December 10, 2021, bidding for National Steel and Agro Industries will commence. 

About National Steel and Agro Industries Ltd.: 

In the steel industry, National Steel and Agro Industries Ltd (NSAIL) is a forerunner. It is based in central India and produces and exports steel. NSAIL is involved in a variety of industries, including steel, agriculture, and power.

NSAIL is largely recognized for its flat steel products and these items are sold under several brands and may be identified by their product logos. It is one of India's most popular and profitable steel brands.