SBI to recover Rs 5,700 cr from Bhushan Power and Steel and Alok Industries

New Delhi: State Bank of India (SBI) Chairman Rajnish Kumar Friday said that the bank expects to recover Rs 4,000 crore from the resolution process of Bhushan Power and Steel Ltd (BPSL) and Rs 1,700 crore from that of bankrupt Alok Industries.

Speaking on the sidelines of an event here, Kumar noted that both the insolvency cases were both the insolvent companies are “very close” to resolution.

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On the successful resolution of Essar Steel, he said that the “most crucial” case under the IBC has been resolved on Monday.The bank has recovered over Rs 12,000 crore from the world’s largest steel maker ArcelorMittal.

Kumar said that the recovery of Essar’s dues would help boost profitability in the third and fourth quarter of the current fiscal. Last Friday ArcelorMittal, the successful bidder for Essar Steel, transferred Rs 40,000 crore to the SBI, the lead banker of Essar and the state-run bank was scheduled to settle the dues of other banks Monday.