PNB in talks with I-T, excise departments to sell its South Delhi property

PNB in talks with I-T, excise departments to sell its South Delhi property
09/08/2018 , by , in News/Views

State-run Punjab National Bank (PNB) on Wednesday said it is in negotiation with a few government departments, including income tax and central excise, to sell its erstwhile headquarters situated at the Bhikaji Cama Place in New Delhi.

Its managing director and chief executive officer, Sunil Mehta, today said the bank is going for a second round of valuation of the south Delhi property due to high demand.

“It (talks) is at the stage of negotiation. There are three government agencies that we are in discussion with. Now we are negotiating for better valuations because we are finding good interest in it,” Mehta told reporters here today.

He said the departments the bank is in negotiations with include income-tax and central excise.

PNB executive director L V Prabhakar said the first valuation of the property was done five to six months back but since then the property rates have gone up and the demand has also increased, and hence the bank is going for revaluation.

The lender expects to raise nearly Rs 700-800 crore from the sale of its earlier head office in the national capital, a bank official said.

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