Back at Square One
The grapevine has it that due diligence on Electrosteel Steels’ prospective buyer First International has not been favourable. This deals a blow to a possible deal which was touted as a precursor to many such buyouts that would save not only India’s steel industry but also the country’s state-run banks which are weighed down by nonperforming assets of more than 3 lakh crore. So where does this development leave the bankers that are seeking to salvage their
10,500 crore loans to Electrosteel Steels? Firmly back at square one, of course.