Syndicate Bank and Oriental Bank of Commerce will get Rs 400 crore each, top finance ministry official said.These cases were referred by RBI in June last year. Country's largest lender SBI will be the biggest beneficiary of resolution of debt-ridden Bhushan Steel as its bottomline will go up by as much Rs 1,300 crore.The other banks which will get major share of the sales proceeds include Punjab National Bank (Rs 700 crore), Canara Bank (Rs 600 crore) and Bank of India (Rs 500 crore).Finance Minister Piyush Goyal had said the purchase of debt-ridden Bhushan Steel by a Tata Group company under the IBC proceedings was a “historic breakthrough” in resolving legacy issues of banks.

Together these lenders will shed NPA burden to the tune of Rs 35,000 crore out of Rs 1.Settlement of the amounts equivalent to Rs 35,200 crore towards financial creditors of BSL was initiated heavy hex nuts Manufacturers as per the terms of the resolution plan and corresponding transaction documents.Last week, Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, successfully completed the acquisition of controlling stake of 72. New Delhi: Country's largest lender SBI will be the biggest beneficiary of resolution of debt-ridden Bhushan Steel as its bottomline will go up by as much Rs 1,300 crore.65 per cent in Bhushan Steel Ltd (BSL) for a consideration of Rs 3,600 crore.In all, the consortium of banks led by SBI would get around Rs 7,500 crore.PNB and Canara Bank will see NPA reduction of Rs 3,800 crore and Rs 2,300 crore respectively when the first quarter numbers are announced, the official said.

The government under the leadership of PM Narendra Modi has been systematically cleaning the financial and economic mess left behind by the Congress, he had said. Besides, the lenders will also get equity in the steel company.Tata Steel said Rs 1,200 crore will be paid to operational creditors of BSL over a period of 12 months as per their admitted claims and as per the terms of the approved resolution plan.Goyal had said the NPA resolution process is being done through a fair and transparent IBC.75 lakh crore of the 12 large NPA cases which are under resolution of the Insolvency and Bankruptcy Code. In addition, sources said, these banks would get an opportunity to reap future dividends as they would be getting around six crore equity shares in the steel company.Tata Steel said Rs 1,200 crore will be paid to operational creditors of BSL over a period of 12 months. As a result of the debt resolution, the non-performing assets (NPAs) or bad loans of SBI will come down by as much as Rs 11,000 crore.

Steel companies in Japan have already shown interest to invest in India on manufacturing activities. heavy hex nut Manufacturers Steel Minister Dharmendra Pradhan. New Delhi: Steel Minister Dharmendra Pradhan has sought enhanced technology and investment support from Japan for the domestic steel sector."Had a fruitful interaction with Japanese Ambassador HE Kenji Hiramatsu," Pradhan said in a tweet.

He discussed bolstering energy ties between the two oldest democracies in Asia and sought increasing role of Japanese technology and investments into the Indian steel sector, the minister said in another tweet.The meeting assumes significance as steel companies in Japan have already shown interest to invest in India on manufacturing activities.Last year in November, the Ambassador of Japan had met Steel Secretary Binoy Kumar regarding setting up of joint ventures or steel plant of high grade in India.

We discussed leveraging Japanese technology and innovation for a stable, efficient and secure energy future for both nations. We also explored opening new avenues of cooperation in the areas of conventional, non-conventional and renewable energy sources to further meet our mutual energy objectives and ensure holistic and sustainable development of our economies," Pradhan said.a

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