Axis Bank sells part of Echanda Urja loans to IREDA, Central Bank

Axis Bank, which has the largest exposure to Echanda Urja Pvt Ltd, a subsidiary of NuPower Renewables Pvt Ltd, has sold part of its loans to government-owned Indian Renewable Energy Development Agency (IREDA) and Central Bank of India in 2017-18, in a bid to reduce exposure in the company.

With this, Axis Bank has reduced its exposure in Echanda Urja by Rs 2 billion to below Rs 3 billion, and the rest of the debt will also be sold in due course, said a source close to the development.

When contacted, an Axis Bank spokesperson said: "As a policy, the bank does