Lenders expect resolution of Essar Steel, Bhushan Power by end of March


Lenders expect resolution of Essar Steel, Bhushan Power by end of March

By the end of next month, lenders expect to close the resolution of at least two names in the Reserve Bank of India’s (RBI’s) first list of major non-performing assets.

These two are Essar Steel and Bhushan Power & Steel. Not enough to fulfill the central government’s earlier target of closing the remaining eight cases on the list by March; however, some are in the final stages. Alok Industries’ resolution plan is being heard, Jyoti Structures’ final leg of hearing on its resolution plan is expected to start and bids have been received for Jaypee Infratech.

According to Mrutyunjay Mahapatra, managing director (MD) of Syndicate Bank, five or six accounts from the 12 in the RBI’s first list could be resolved by end-March. Read More

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