JFC Fi­nance to ac­quire Palogix In­fra­struc­ture

Maritime Gateway - - News -

ICICI Bank and HDFC Bank have ap­proved JFC Fi­nance (In­dia) Ltd's bid to ac­quire the in­sol­vent Palogix In­fra­struc­ture, a 20-year old firm in rail­ways lo­gis­tics. JFC Fi­nance has pro­posed to ac­quire close to 80 per cent in Palogix for `100-crore. While the liq­ui­da­tion value avail­able to the op­er­a­tional cred­i­tors is zero, but JFC Fi­nance has pro­posed to clear all dues to the gov­ern­ment, the op­er­a­tional cred­i­tors and em­ploy­ees.

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