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Central Bank of India says Rs49 crore exposure to Maytas

Central Bank of India says Rs49 crore exposure to Maytas
PTI
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First Published: Tue, Feb 17 2009. 04 51 PM IST
Updated: Tue, Feb 17 2009. 04 51 PM IST
Mumbai: State-owned Central Bank of India on Tuesday said it has an exposure of Rs49 crore to Raju family- owned Maytas and is “willing” to lend to Satyam Computer, if the company approaches it with a viable proposal.
“We have an exposure of Rs49 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 said.
The bank is also ready to consider loan proposals from the beleaguered IT-major, Satyam Computer, if the latter approaches 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 Rs81,000 crore, out of which nearly 27% was contributed by its corporate portfolio.
The bank has witnessed an 18% of overall credit growth so far in this fiscal, Pradeep said.
“We are keen to grow our corporate loan portfolio, which currently contributes 27% to the total advances. If Satyam approaches us (for loans), we are willing to lend,” Pradeep said.
The government-appointed board of Satyam Computer recently said that it received Rs600 crore worth loans from two banks — IDBI Bank and Bank of Baroda.
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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First Published: Tue, Feb 17 2009. 04 51 PM IST