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Lanco gets nod to recast over Rs 7,000 crore debt

Dec 24 2013, 11:41 IST
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SummaryThe CDR plan is only for Lanco Infratech and excludes the group firms.

In a major relief, Lanco Infratech has received approval to restructure debt worth more than Rs 7,000 crore.

The entity, which has interests in various infrastructure segments, would get over Rs 2,500-crore priority loans from its lenders, a senior company official said.

Under the Corporate Debt Restructuring (CDR) plan, more than Rs 7,000 crore would be recast by the company. There would be moratorium on interest payments for fund-based facilities, which would be in place for two years, the official said.

The priority loans to the tune of more than Rs 2,500 crore would help in improving the EPC (Engineering, Procurement and Construction) operations in different segments. Also, the pending dues of vendors, among others, can be cleared, he said.

The CDR plan is only for Lanco Infratech and excludes the group firms, the official said.

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