Home » Gammon lenders to acquire 51% stake

Gammon lenders to acquire 51% stake

ECONOMY & POLICY
December 1, 2015December 1, 2015
Gammon lenders to acquire 51% stake
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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.

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