Gammon India board to begin talks to restructure debt

The board of construction and engineering company Gammon India has agreed to begin talks with lenders to restructure the company's debt through the corporate debt restructuring process, it said in a statement late on Wednesday.

Sluggish industrial capital expenditure has squeezed orders for Indian infrastructure companies and big projects have been stalled by a slow approval process and inadequate capital.

At 9:35 a.m., shares in Gammon India were up 2.4% at Rs 27.35.