Kalpataru Power Transmission (KPTL) and the Amin Group are interested in buying into Mumbai-based Jyoti Structures after lenders decided to convert R307.6 crore worth of loans into equity last December, sources aware of the development told FE. While bankers said the proposals were still in the early stages, these were discussed at the joint lenders\u2019 forum (JLF) meeting held last Thursday. \u201cThese companies which have shown interest are already in the power transmission space, and as such, an acquisition could help revive Jyoti Structures,\u201d a banker present at the meeting said. Lenders to loss-making Jyoti Structures had decided to convert some part of their loans into shares at a value of R26.9 apiece as part of a strategic debt restructuring (SDR) scheme. While KPTL, a R4,000-crore company, is a Gujarat-based turnkey player in power transmission, generation, distribution, construction, infrastructure and asset creation, Amin Group is a global entity with interests ranging\u00a0from medical and health\u00a0to power generation\u00a0and transmission. A KPTL spokesperson denied interest in Jyoti Structures and said in an emailed response, \u201cThere is no truth in it.\u201d An email sent to Amin Group seeking comments remained unanswered. In FY15, Jyoti Structures reported a net loss of R396 crore on the back of R3,111 crore in revenues and its interest expenses almost doubled to R426 crore in FY15. In Q1 FY16, Jyoti Structures reported a net loss of R152 crore owing to R158 crore in interest costs. Bloomberg data shows that the firm\u2019s gross debt at the end of March 2015 was R2,356 crore, up from R1,563 crore in FY14. Jyoti Structures\u2019 debt was restructured by a JLF in September 2014. Headed by Prakash K Thakur as its vice-chairman, the company is promoted by K R Thakur (3.34%), Prakash K Thakur (4.51%), Valecha Infrastructrure (4.96%) and Surya India Fingrowth (5.35%). In its FY15 annual report, the company blamed inaccessibility to adequate working capital for delay in execution, erosion of margin, reduction in profitability and availability of cash for operations leading to debt accumulation. Lenders have 18 months from the date the SDR scheme is effective to find a buyer for the company. Should banks fail to usher in a new promoter, the asset would be classified as a non-performing asset (npa). The strategic debt restructuring guidelines allow banks to convert debt to equity at a value which is not less than its face value and banks are not required to show a mark-to-market (MTM) loss or profit for SDR conversions. The consortium of 21 lenders is led by State Bank of India. Shares of Jyoti Structures closed at R14.65 on Friday, up 1.03% from its previous close.