IDBI — IDBI Bank to auction land to recover over Rs 1,059cr in Videocon Industries dues

IDBI Bank has initiated an e-auction for 61.20 acres of land in Madhya Pradesh to recover outstanding dues of Rs. 1,059.78 crore from Videocon Industries Ltd. The properties, mortgaged by Prosperous Energy Private Ltd., will be sold on August 11 with a total reserve price of Rs. 2.98 crore. The sale is part of the lender's enforcement of security interest against the defaulted borrower.