 "Royale Partners’ offer for EPC Constructions gets lenders’ approval")
Lenders have voted to take an offer from Royale Partners, a Dubai-based fund, for EPC Constructions India Ltd (earlier known as Essar Projects India Ltd), which was sent to the National Company Law Tribunal (NCLT) for debt resolution.
A conditional offer by ArcelorMittal was rejected.
EPC Constructions had defaulted on its loans worth Rs 7,200 crore and has been a non-performing asset since December 2014. The offer by Royale Partners is around Rs 900 crore, including Rs 450 crore upfront cash, said a source close to the development.
About 73 per cent of the lenders agreed to
A conditional offer by ArcelorMittal was rejected.
EPC Constructions had defaulted on its loans worth Rs 7,200 crore and has been a non-performing asset since December 2014. The offer by Royale Partners is around Rs 900 crore, including Rs 450 crore upfront cash, said a source close to the development.
About 73 per cent of the lenders agreed to
