Gammon India to sell Mumbai property to cut Rs 2000 cr-debt

Debt-ridden Gammon India is likely to sell its 185 acre Dombivali property in Mumbai, reports CNBC-TV18 quoting sources. The company's current debt stands at around Rs 3,500 crore and aims to cut it by Rs 2,000 crore by asset sale, sources add.

CFO Girish Bhat recently told CNBC-TV18 that its corporate debt restructuring (CDR) package , which includes a two-year moratorium plus eight years of repayment schedule, is almost through.

Gammon India has an exposure of Rs 14,000 crore to a consortium of eight banks led by ICICI Bank and Canara Bank . Banks of around Rs 10,000 crore of the debt is in the form of non-fund based exposure, and Rs 4,000 crore is fund-based exposure. The debt is supported by bank guarantees and letters of credit.

At 13:36 hrs Gammon India was quoting at Rs 19.90, up Rs 1.35, or 7.28 percent.

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