PNB looks for ABG Cement-like deals in Q3

These companies are non-performing accounts (NPA) for the bank

After a management change in erstwhile ABG Cement, state-owned Punjab National Bank has prepared a list of 25-30 companies to look for outside investments that could lead to a management change. These firms are non-performing accounts (NPA) for the Bank.

“We have prepared a list comprising at least 25-30 companies. Probably this quarter, we will get some deals done,” PNB managing director and CEO Usha Ananthasubramanian told reporters.

She added that the list is regularly expanded and is a mixed bag comprising companies in power, steel, medium segment and other sectors.

Earlier this year, global commodities platform SIMEC Group reportedly bought 51 per cent stake in ABG Cement for Rs 525 crore and initiated a management change in the company.

However, Ananthasubramanian did not specify the name of the overseas investor in ABG Cement. The company  is now rechristened as Vadraj Cement.