CG Power to put its Worli head office up for sale

MUMBAI: CG Power and Industrial Solutions will soon put on the block its corporate head office building, a landmark in Mumbai’s posh Worli area, as a part of its plan to monetise assets to help revive the cash-strapped company.

The company is dealing with muted cash flows and huge debt at a time when an alleged fraud in the company has come to light. The company will monetise assets like head office building ‘CG House’ and is also working with lenders to resolve its debt issues after nine of its fourteen lenders, constituting 88% of total outstanding credit facilities of the company by value, signed an Inter Creditor Agreement (ICA).