KSL Group in deep waters
Two recent shocking developments in KSL industries, the listed flagship of the Tayal group, have resulted in doubts over the creditworthiness of the group.
Reward Real Estate, which held key real estate assets of the group in 15 centres, ceased to be its subsidiary last year and in a shocking move Saurabh Kumar Tayal, who headed KSL as chairman, recently resigned from the board of directors.
Several entities of the Tayal group together owe around Rs 2,800 crore to various lenders. These two events seem to have bothered lenders of the textile-cum-real estate group.
Now a consortium of 15 banks including Punjab National Bank, Union Bank of India and UCO Bank is considering a corporate debt restructuring (CDR) programme and hopes that the CDR will work.
To read more real estate news:
Grim prediction for real estate firms
Builders must abide by OC conditions – Forum
Source: Business Standard
CDR, corporate debt restructuring, KSL Group, KSL industries, Realty News, Reward Real Estate, Tayal group
[...] KSL Group in deep waters [...]