SBI recovers $66m from KFA

April 28, 2014 - 12:00:00 am

Bangalore: India’s largest nationalised lender, the State Bank of India (SBI), has recovered around $66m (Rs4bn) of its overall $247,385,955.07 (Rs15bn) loan to the grounded Kingfisher Airlines (KFA), the bank’s chairperson said.

The SBI Chairperson and Managing Director, Arundhati Bhattacharya, told Times of India newspaper, “Recovering the full loan given to Vijay Mallya’s airline business would take more time. We have taken necessary steps for recovery, but that will take time because there is the legal system to negotiate.”

Bhattacharya is first woman chairperson in SBI’s 206-year history. The bank appointed her to the top position in October 2013.

A 17-bank consortium, led by SBI, is selling pledged shares in Mallya’s UB Group of companies in the open market as well as selling other mortgaged assets of Kingfisher Airlines the United Breweries (UB) group. QNA