Bank of America takes over Jayaswal Neco loan worth Rs3,290 crore
(WorldNews India)

Nagpur: Bank of America (BoA) has taken over loans worth around Rs3,290 crore owed by city-based company, Jayaswal Neco Industries Limited (JNIL) to a consortium of financial institutions led by SBI. The loans had turned NPA and were among the major stressed assets with the Indian banks. JNIL which was named in the coal block allocation scam under the UPA regime had been going through a tough phase following a slump in the steel casting business in which it deals. Sources privy to the deal said loans worth Rs4,700 crore which form nearly 88% of JNIL´s total debt were auctioned through the National Company Law Tribunal (NCLT). BoA was the single bidder which took over the loans at 70% of the...