A consortium of eight banks has taken a 53.54 percent stake in debt-laden construction and engineering company Gammon India. The lenders had decided to invoke the strategic debt restructuring scheme of the Reserve Bank of India for Gammon on 23 Nov 2015. Gammon had gross debt of Rs11,061 crore as on 31 Mar 2014. It reported a consolidated net loss of Rs729 crore and revenue of Rs3,763 crore in 2013-2014. ICICI Bank holds the largest share in Gammon at 13.82 percent, followed by Punjab National Bank with 8.42 percent. The other lenders in the consortium are Bank of Baroda, Syndicate Bank, Allahabad Bank, Union Bank of India, Oriental Bank of Commerce, and Bank of Maharashtra.
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