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Lanco Infratech confirms RBI order on insolvency process

Lanco's businesses include power and infrastructure

Reuters  |  Mumbai 

Lanco Infratech Ltd confirmed on Saturday that the Reserve Bank of India (RBI) had directed the company's lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country's bankruptcy laws. Lanco is among 12 companies that the RBI has ordered lenders to take to bankruptcy court as it strives to cut the country's $150 billion in soured debt, sources told Reuters on Friday. The 12 companies together account for about 2 trillion rupees ($31 billion), or roughly a quarter, of Indian bank loans that have been categorised as ...

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First Published: Sun, June 18 2017. 01:15 IST
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