Chennai-based construction company GVR Projects has got a nod for a Scheme for Sustainable Structuring of Stressed Assets (S4A) from the lenders, sources say. This will be the second infrastructure project under the S4A scheme after HCC.
GVR Infra Projects has a debt of Rs 2,000 crore on its books.
Under the S4A scheme, 60 percent of the total funded debt of Rs 2,000 crore could be classified as sustainable.
The recast of debt will allow banks to keep a bulk of the debt as standard in their books.
A 12-member consortium of banks led by the State Bank of India (SBI) has exposure to GVR’s debt. The bank list include big names like Punjab National Bank, ICICI Bank and Axis Bank among others.
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