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Gammon India board to talk debt restructuring
A worker uses a hammer to remove dry cement paste from a dumper at a construction site of a residential building in Kolkata January 29, 2013.
Credit: Reuters/Rupak De Chowdhuri/Files
REUTERS - The board of construction and engineering company Gammon India (GAMM.NS) has agreed to begin talks with lenders to restructure the company's debt through the corporate debt restructuring process, it said in a statement late on Wednesday.
Sluggish industrial capital expenditure has squeezed orders for Indian infrastructure companies and big projects have been stalled by a slow approval process and inadequate capital.
At 9:35 a.m., shares in Gammon India were up 2.4 percent at 27.35 rupees.
(Reporting by Tenzin Dekeva in Bangalore; Editing by Sunil Nair)
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