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News Brief | October 2014

Bharati Shipyard sells wind power business for Rs 55 crore

Financially stressed Bharati Shipyard Ltd has sold its wind power business for Rs 55 crore as it embarks on a tortuous and uncertain voyage that could decide whether the firm will overcome the crisis and revive operations, or go down after a failed corporate debt restructuring (CDR) plan. The firm, which was once India┬┤s second-largest private shipyard, owes some Rs 8,000 crore to a consortium of 23 banks led by State Bank of India (SBI), which have become non-performing assets. Of the 23 lenders, 11 have sold their loans of Rs 4,800 crore comprising 60 per cent of the total exposure to Edelweiss Asset Reconstruction Co. Ltd. Of the remaining 12, Syndicate Bank and Canara Bank said they have decided to exit the lending consortium and were in the process of calling for bids.
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