When Russian President Vladimir Putin visited Delhi in December 2014, his camaraderie with Prime Minister Narendra Modi was widely noted. What received less attention were the curiously asymmetric deals that an oil company controlled by the Russian government went on to sign with Indian companies over the next two years. First, between September 2015 and […]
Tag Archives: NCLT
India’s crackdown on companies that have defaulted on loan repayments is reshaping the country’s economy in fundamental ways. As the first three articles in this series detailed, competitive advantage is being tilted towards larger firms because only a handful of buyers is picking up most of the insolvent firms on sale. Between the resulting consolidation […]
A baton is changing hands in Chhattisgarh. Big companies are entering the state’s steel and power sector, using India’s ongoing insolvency proceedings to buy distressed firms. At the same time, Chhattisgarh’s local steel makers, several of whom entered the power sector in the mid-2000s, are looking beyond these two sectors. Part Three of our series […]
By March, seven companies had evinced interest in buying Lanco Infratech. The company began life in 1986 as a construction contractor, but grew into a power and infrastructure behemoth after liberalisation. Much of this growth was funded by bank loans. In June 2017, after missing its loan repayments, the company found itself on the Reserve […]
After a long break, I finally — and rather sulkily — resumed work in the middle of August. Out today, the first of my trademark long-winded and tremendously depressing series: on how India’s business insolvency cases are coming along. The series — it is a four-parter — essentially argues that India needs to pay far […]
