CG Power fails to get Rs 200-crore working capital
MUMBAI: Banks are reluctant to give working capital loans to cash-starved CG Power as government agencies step up investigation into alleged wrongdoings that have led to the sacking of its chairman Gautam Thapar.
Three people aware of the development told ET that the CG Power board, which had sought nearly Rs 200 crore of loans, has drawn a blank so far.
“We have already burnt our fingers with the company. And now, its top management is being investigated by the ministry of corporate affairs. With earlier loans turning bad, it doesn’t make sense to take on additional exposure,” said an official aware of the development.
