Bangalore: State Bank of India's war on cleaning up its bad-loans portfolio has turned the heat on India's low-cost aviation pioneer, Captain G R Gopinath.
India's largest lender is invoking the corporate assets of Gopinath, founder of the grounded Deccan Cargo and Express Logistics, calling for bids for the sale of the company's corporate office located in the heart of Bangalore.
An advertisement issued by the bank on Friday invited bidders to participate in an e-auction to be held on May 31, wherein 9,000 sqft of office space owned by Deccan Cargo and Express Logistics in Embassy Square located on Infantry Road, will go under the hammer.
The bank has set a reserve price of Rs 28.33 crore for the sale of Gopinath's office space, which translates to approximately Rs 31,500 per sqft. As of April 28, Gopinath, who revolutionized air travel in India through his low-cost brand Air Deccan, owes the bank Rs 211.63 crore that includes interest charges.
04/05/13 Anshul Dhamija/Times of India
