Sagar Cements seen leading race for Jaypee Group's Andhra Cements
Deloitte-backed RP Nirav Pujara has admitted ₹1,356 crore by way of claims from financial creditors. Sagar Cements would have to shell out more if it were to acquire Andhra Cements outside the ambit of the Insolvency and Bankruptcy Code, one of the persons cited above said.
NCLT orders insolvency proceedings at Andhra Cements
The cement maker had availed credit facilities from banks including IDFC First Bank, HDFC and Karur Vysya Bank from 2012 to 2016, which were subsequently acquired by current creditor Pridhvi Asset Construction and Securitisation Company (Paras)