The Hindu Business Line : A.K. Doda to head SASF

MUMBAI: The Government has appointed Mr A.K. Doda, Executive Director, Industrial Development Bank of India, as the Executive Trustee of the Stressed Assets Stabilisation Fund (SASF).

A source at IDBI confirmed that the Government order had indeed been received on Friday. Earlier, the Government had granted the status of a financial institution to the special purpose vehicle set up with a budget allocation of Rs 9,000 crore.

SASF is set to take over the stressed assets of IDBI worth Rs 9,000 crore. The company, formed in the nature of a trust, will oversee restructuring and recovery of the assets that will be transferred to it. It will oversee the restructuring of the Rs 1,200-crore Dabhol Power Company account, the biggest non-performing assets in the books of IDBI.

In fact, Mr Doda was spearheading the negotiations to recast DPC with various international lenders and part-promoters, GE and Bechtel, until recently.

More Stories on : Private Banks | Non-Performing Assets

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