Hudco Aims to Resolve NPAs in 18 Months

State-run Housing & Urban Development Corporation (Hudco) is looking at resolving its stressed assets in the next 18 months, chairman and managing director Sanjay Kulshrestha told Mint in an interview.

- Rituraj Baruah

Kulshrestha also said the government-owned lender aimed to expand its urban development footprint and become a comprehensive solution provider in the space. It plans to set up a dedicated ‘urban development single-window solution’ in collaboration with multilateral financial institutions and development finance institutions (DFIs), the Hudco chairman said.

“Our foremost priority is the complete resolution of Hudco’s NPAs (non-performing assets), which currently stand at about ₹2,000 crore with a provisioning coverage ratio of around 86%. We have set an ambitious internal target to achieve full resolution within 18 months from 1 April, despite ongoing litigation in forums such as the NCLT (National Company Law Tribunal) and DRT (Debt Recovery Tribunal),” Kulshrestha said. He added that the lender has not added any new stressed assets in the past three years.