KTR questions proposed sale of IDBI Bank, asks if its valuable real estate assets were factored in valuation

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Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao sought to know why the concerns raised by IDBI Bank employees over the proposed disinvestment were not being addressed. File | Photo Credit: NIHARIKA KULKARNI

Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao has questioned the Union government’s proposed sale of IDBI Bank to a private player, raising concerns over the bank’s valuation, changes in bidding norms and the treatment of its real estate assets.

In a post on X, KTR said public sector undertakings (PSUs) and public sector banks were national assets that needed to be safeguarded. He said reports about the alleged undervaluation of IDBI Bank were a matter of concern and sought to know why the rules and valuation methodology were changed after bids fell below the reserve price.

He also questioned whether the bank’s valuable real estate assets, including prime land in Hyderabad, were adequately factored into the valuation.

KTR sought to know why the concerns raised by IDBI Bank employees over the proposed disinvestment were not being addressed.

Before selling a reputed public sector bank to a private entity, the Union government owed the country clear answers on the valuation and the process being followed, he said. Questioning the urgency behind the proposed sale, the BRS leader asked: “What’s the hurry?”.

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