Conditional offer: Sunil Mittal company to lead efforts to revive CG Power
Bharti Enterprises founder and telecom czar Sunil Mittal along with a clutch of other institutional shareholders of fraud-hit CG Power & Industrial Solutions Ltd is plotting a revival of the firm.
The investors led by SBM Holdings, Mittal’s private firm, are looking to put in working capital and revive the company’s domestic operations. Also, talks are on with lenders to recast loans, said three people with direct knowledge of the developments.
Investors willing to bring in funds have insisted that CG Power should put in place a new management with no links to the Avantha Group. They have also refused to pay off CG Power’s loans, after allegations surfaced that ousted chairman Gautam Thapar had siphoned off funds.
