Mercator India to exit Singapore based subsidiary: Sources

Following a string of losses and a run-in with lenders, Mercator Ltd has decided to exit its Singapore subsidiary, sources have told CNBC-TV18.Sources say the move follows the resignation of Shalabh Mittal, CEO of the Mercator Lines (Singapore) Pte in December 2015, and banks are now likely to take over assets of the firm.The Singapore-listed company, in which its Indian parent owns about 66 percent, has struggled, posting a loss of Rs 625 crores and owes around Rs 1,000 crore to lenders.The recent fall in dry bulk was the final nail in the coffin for the company.Previously, lenders had approached a court in Singapore, seeking to interim judicial management over the company.- Editing by Sidhartha Shukla