Consortium of PSU Banks to Infuse Funds for Amrapali Projects Completion

The Supreme Court was informed that a consortium of six public sector banks have agreed to infuse around INR 1,000 crore in the stalled projects to ensure their speedy completion. The consortium of six PSU banks, which include UCO bank, Bank of India and Bank of Baroda, among others have agreed in-principle to infuse funds to the tune of around INR 1,000 crore and paperwork is likely to be completed by the month end. The valuation work of five personal villas of former Amrapali directors, which have been attached on court orders, is complete and five parties have shown interest in buying them at a cost that is more than the valuation price. The bench directed that all these villas shall be auctioned by public sector undertaking MSTC Ltd, which has been involved in auctioning of Amrapali properties earlier as well.