Advertise Here [728 W x 90 H pixels]
Construction : Finance Update | December 2015 | Source : Infrastructure Today

Gammon lenders to acquire 51% stake

Lenders led by ICICI Bank have decided to initiate a strategic debt restructuring (SDR) exercise at Gammon India, which will give them a 51 per cent stake in the construction and engineering company. The move has been prompted by the company┬┤s inability to meet its financial obligations, said two senior officials familiar with the development. Gammon┬┤s loans amount to Rs.14,685 crore. This includes funds-based loans of Rs.5,445 and nonfunds-based loans of Rs.9,240 crore.
 
Advertise Here [728 W x 90 H pixels]