Back at Square One

The Economic Times - - Companies -

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.

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