ICRA puts Ponty, Hardeep Chada group firms under watch

Loan, fund limits worth Rs 1,478 cr under scanner

Rating agency ICRA has put 10 companies owned by Gurdeep (Ponty) Chadha and his brother Hardeep Singh Chada under watch following death of both in a shoot-out incident in Delhi.

The ratings have been placed under watch with developing implications on account of the demise of the promoters Hardeep Singh Chadha and Gurdeep Singh Chadha.

ICRA will monitor further developments in the companies, including issues pertaining to succession planning, before concluding the rating action, ICRA said in statement.

Out of 10 group companies prominent ones are AB Grain Spirits (fund limits Rs 407 crore), Chadha Sugar and Industries (Fund limits of Rs 318 crore) and GS malls (loans – Rs 130 crore, fund limits – Rs 89 crore). Other entities in group include Wave Industries, Chadha papers

A B Grains Spirits Pvt (A B Grains) Limited is a part of the Chadha group of companies which is engaged in the grain based production of ENA (extra neutral alcohol), IMFL and PML (Punjab Made Liquor).

Chadha Sugars & Industries Ltd (CSIL) was incorporated in 2004. The company is part of Chadha Group which has business interest in diverse areas such as real estate, sugar, liquor, paper etc. CSIL has recently set up a 4,500 TCD sugar plant (expandable upto 7500 TCD) and 23 MW co-generation unit. These units became operational in November 2010.