Lenders led by Power Finance Corporation (PFC) and private equity firm Guggenheim Partners have seized control of Mukul Kasliwal’s 400 MW Shree Maheshwar Hydel Power Project on the Narmada river after the company defaulted on its loans.
Lenders now own close to 58% equity stake and Guggenheim 32%, reducing Kasliwal to a minority shareholder with 10% stake, said two senior bank officials on the condition of anonymity.
This brings an end to the battle between PFC and Kasliwals over taking control of the company. Both company’s were at loggerheads for over two years trading allegations against each other over running of the company. Read More…
Credit By: The Economic Times
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