In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000 crore is fund-based exposure and Rs 5,000 crore non-fund-based. The company is holding discussions with bankers in this regard. The company is learnt to have borrowed from major public sector lenders as well as private and foreign banks and finance firms.
Several firms in the infrastructure and construction sector are facing stress owing to several factors, including a delay in fuel linkages, regulatory delays, etc. The present move has come after the firm’s multiple attempts to monetise its businesses failed. Earlier, it had tried to sell stake in its power business, as well as individual assets like Amarkantal, Baband and Anpara power plants. The infrastructure major has been under stress on account of its power business.
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