Housing Development Finance Corp (HDFC) India’s mortgage-lending pioneer is making final attempts to offload stressed loans of around Rs 2,000 crore ahead of its merger with the bank. These loans include the advances of local owners of Radisson Blu properties and are spread across 7-8 accounts.
‘HDFC is looking to sell a part of its distressed loans in preparation for its merger with HDFC Bank. The merger is likely to be finalised by early next quarter,’ cited sources to Economic Times. HDFC is currently engaged in negotiations with asset reconstruction companies to sell these loans.
‘The loan portfolio currently stands at approximately Rs 2,000 crore, although HDFC continues to include or exclude certain loans from this pool,’ the person said.
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