SBI starts auction of Mallya's assets, cars

Mumbai, March 17 In an attempt to recover dues from business tycoon Vijay Mallya, the State Bank of India on Thursday initiated e-auction of the grounded Kingfisher Airlines (KFA) headquarters Kingfisher House and other movable assets, officials said here. The prime property Kingfisher House, situated near the Chhatrapati Shivaji International Airport, measures around 17,000 sq feet and is being auctioned with a base price of Rs.150 crore. A banner inviting bids for the e-auction was put up outside the building. Bids can be submitted till April 4. The actual auction will take place on April 6. Besides, e-auction has been initiated for selling nine high-end cars like two Honda City EXi, a Honda Civic, two Toyota Camry, a Toyota Innova, a Toyota Corolla, a Hyundai Elantra and a Hyundai Santro Zip. Other movable assets up for grabs include office furniture and fittings, air-conditioners and other items in the Kingfisher House. The e-auction is being carried out jointly by SBICAPS Trustee Co Ltd, a subsidiary of SBI Caps through AuctionTiger. Mallya owes around Rs.9,000 crore to SBI and a consortium of 17 Indian banks and the Kingfisher House was acquired by SBI a year ago in a bid to recover its dues from the defaulter Mallya, who is currently abroad.