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Maytas exposure Rs 49 cr: Central Bank
February 17, 2009 16:57 IST
Central Bank of India [Get Quote] said on Tuesday it has an exposure of Rs 49 crore (Rs 490 million) to Raju-family owned Maytas and is 'willing' to lend to Satyam Computer Services [Get Quote] if the company approaches it with a viable proposal.
"We have an exposure of Rs 49 crore to Maytas group companies. This was given to an SPV co-promoted by Maytas to execute some infrastructure projects," Central Bank of India's executive director, Ramnath Pradeep told reporters in Mumbai.
The bank is also ready to consider loan proposals from the beleaguered IT-major, Satyam Computer Services, if the latter approach the bank with a viable business proposal, Pradeep said. However, Satyam has not approached the bank so far, he said.
Central Bank of India has a total loan book of Rs 81,000-crore (Rs 810 billion), out of which nearly 27 per cent was contributed by its corporate portfolio. The bank witnessed an 18 per cent of overall credit growth so far in this fiscal, Pradeep said.
"We are keen to grow our corporate loan portfolio, which currently contributes 27 per cent to the total advances. If Satyam approaches us (for loans), we are willing to lend," Pradeep said.
The government-appointed board of Satyam recently said it received Rs 600-crore (Rs 6-billion) loans from two banks -- IDBI Bank and Bank of Baroda [Get Quote]. The IT-major was still in discussions with more financial institutions for additional loans to meet its immediate fund requirements, it said.
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