Lenders to Vizag Steel form consortium for uniform debt resolution
RINL) have formed a consortium to prepare a uniform debt resolution plan for the government-owned Navratna company that has been under financial stress due to working at one third of its capacity.
RINL is the corporate entity of Vizag Steel.
State Bank of India (SBI), which is its largest lender with about Rs 6,400 crore of fund exposure, has led the formation of the consortium, a person familiar with the matter said.
It is learnt that SBI extended more than Rs 5,000 crore in term loan, Rs 1,400 crore as working capital loan and Rs 4,000 crore as non-fund-based limit to the steel maker.
SBI Capital Markets has also been hired to prepare the resolution plan.
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