State Bank Of India

State Bank of India (SBI) led consortium, would reportedly be taking over the management of Sai InfoSystem (India),  the company which defaulted on its debt payments of worth over Rs 1035 crore. The consortium has roped in Alvarez & Marsal to make maximum possible recovery either by selling assets or revive the unit by bringing professionals on board or a combination of both.

Gujarat-based Sai InfoSystem India (SIS) borrowed Rs 1035 crore as loan from seven lenders. Of the total, Rs 794.32 crore came from five banks, SBI, State Bank of Bikaner and Jaipur (SBBJ), Industrial Development Bank of India (IDBI), Bank of Baroda (BoB) and Allahabad Bank. Additionally, Atrium Infocom, a unit of SIS borrowed another Rs 97.20 crore from SBI and Vijaya Bank, while another group entity, Click Telecom, obtained a loan of Rs 144.16 crore from SBI, Vijaya Bank and Canara Bank. Kakkad and Sai Infosystems had reportedly mortgaged 14 properties, including eight in Gujarat, on which SBI has claimed first right.

SIS has offices in Mumbai, Delhi, Punjab, Rajasthan, Kolkota, Bangalore, Kerala, Hyderabad, Jammu and many small suburbs and a turnover of Rs 1,618.97 crore, networth of Rs 475.90 crore and net profit of Rs 113.18 Cr for FY11-12.