Lenders to ABG Cement Ltd are in the process of finalising a debt restructuring package for the company, after a recent management change, the Economic Times has reported, citing two people with direct knowledge of the issue.
Global commodities platform SIMEC Group bought a 51 per cent stake in ABG Cement for Rs 525 crore and initiated a management change in the company earlier this financial year, according to the sources cited in the report.
SIMEC has submitted a proposal to Punjab National Bank (PNB), the lead lender in the ABG Cement case, to reschedule payments of loans worth Rs 2,400 crore.