Gammon India to sell 185 acre Mumbai property: Report

Gammon India is reportedly planning to sell its 185 acre Dombivali property in Mumbai, to pare down its debt by Rs 2000 crore. The company’s present debt stands at Rs 3500 crore. The company’s corporate debt restructuring (CDR) package, which includes a two-year moratorium plus eight years of repayment schedule, is almost through.

The company has to service a debt of close to Rs 3,500 crore, while its listed subsidiary Gammon Infrastructure Projects has a debt burden of an additional Rs 4,000 crore. Gammon India's lenders include Canara Bank, Allahabad Bank and ICICI Bank.