Suzlon gets a bad loan tag from Union Bank
MUMBAI: State-run Union Bank of India has tagged Suzlon Energy Ltd as a bad loan and more banks are expected to follow suit as the stressed wind turbine maker has struggled to repay its lenders, two people aware of the development said.
In the quarter ended 30 June, Union Bank has updated the status of the account as non-performing in the central bank’s Central Repository of Information on Large Credits database, said one of the two people cited above.
“Union Bank had to classify Suzlon as a bad loan after repayments were delayed by over 90 days,” the person said on condition of anonymity. The credits database is a repository of borrower-wise data on loan status.
