ICICI Bank sells Rs 16 billion Essar Steel loans to ARC

ICICI Bank has sold outstanding Essar Steel loans worth around Rs 16 billion to Edelweiss ARC. ICICI Bank’s total exposure in Essar Steel was over Rs 30 billion. The bank is now left with working capital loans to the company which were categorised as NPAs on the books of the lender. Essar Steel owes around Rs 400 billion to 30 banks. The State Bank of India has the largest exposure of Rs 54 billion followed by IDBI Bank at Rs 35 billion.