Union Bank of India is expecting to recover Rs 2,000 crore from the resolution of three stressed thermal power units as there has been interest from other operators in these projects. Three projects include GMR Chhattisgarh Energy and Prayagraj Power Generation (PPGCL), a subsidiary of Jaiprakash Power Ventures, where the bank has exposure are at different stages of resolution.
The total exposure of the bank in the power sector is about Rs 6,000 crore, adding that Rs 2,000 crore recovery is expected from resolution.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
