Mumbai, Nov 19 (IANS): IL&FS Financial Services (IFIN) will put its external corporate loan book worth around Rs 5,000 crore up for sale, sources said.

The corporate loans would be auctioned through bid process. The loan book includes loans to over 70 companies that have turned non-performing assets (NPA).

The public process of inviting bids will be launched this week and the sale would be concluded on cash consideration basis.

IFIN has an asset under management of around Rs 18,000 crore involving external and internal loans and investments.

The sale of external corporate loans is part of the resolution process of the overall debt.

IFIN is a 100 per cent subsidiary of IL&FS and is registered with the Reserve Bank of India as a systemically important non-deposit accepting non-banking finance company.

IL&FS Board is hopeful that it will be able to address the targeted debt of over Rs 50,000 crore in the current financial year despite the impact of the pandemic.