Govt tells valuers IDBI has deferred tax assets of ₹11,520 cr

The government has informed the prospective asset valuers of IDBI Bank that the lender has deferred tax assets of ₹11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai.

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In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (Dipam) said the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad.

Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad.

"The intangible on the balance sheet of IDBI Bank primarily comprises deferred tax assets of around ₹11,520 crore," Dipam said.

Deferred tax asset commonly refers to overpayment of tax by an entity. Such excess tax paid can be adjusted against future tax dues.

Dipam further said the asset valuer shall further identify intangibles not on the IDBI Bank balance sheet such as brand name, branch network and value them.