June 12, 2017 / 6:38 AM / in 5 months

Government close to resolving some bad power loans - Piyush Goyal

NEW DELHI (Reuters) - The government is close to resolving bad loans made in the power industry for companies that owe money and are not avoiding repayment on purpose, Power Minister Piyush Goyal told reporters on Monday.

India's Power Minister Piyush Goyal speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 6, 2014. REUTERS/Anindito Mukherjee/Files

Bad loans in the power sector continue to weigh on India’s banks, and the government has been looking for ways to help ease the pain for companies struggling to service their debts.

Goyal, speaking to reporters in New Delhi, did not immediately elaborate on how it would resolve the bad loans.

Reporting by Sudarshan Varadhan; Writing by Tommy Wilkes; Editing by Krishna N. Das

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