Vijay Mallya’s Kingfisher Airlines is king of defaulters at Rs 4,022 crore
Kingfisher
has emerged as the country’s top non-performing asset after it has
failed to repay loans of over Rs 4,000cr borrowed mainly from
state-owned banks.
NEW DELHI: Vijay Mallya-promoted Kingfisher Airlines
has emerged as the country's top non-performing asset (NPA) after it
has failed to repay loans of over Rs 4,000 crore borrowed mainly from
state-owned banks. It highlights the woes of lenders saddled with bad
debt and in need to raise Rs 2.4 lakh crore over the next five years to
meet the economy's growing funding needs.
At number two is Winsome Diamond & Jewellery (earlier called Su-raj Diamond), which owes banks over Rs 3,200 crore, followed by engineering firm Electrotherm India (over Rs 2,600 crore).
Together, the top 50 defaulters had outstanding of over Rs 53,000 crore at the end of December 2013, the period for which data was submitted to the finance ministry. There were at least 19 companies on the list which had outstanding amount of over Rs 1,000 crore.
Most industrial metals fell as copper dropped to a two-week low after Goldman Sachs Group Inc. forecast commodities will drop over the next five years on increasing supplies.
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