Edelweiss to purchase US$492 Million Binani Cement Debt

According to a report by Bloomberg, Edelweiss Asset Reconstruction Company is hoping to purchase approximately US$492 million in loans domestic banks made to Binani Cement Ltd.

Central Bank of India sold its 3.5 billion rupees of Binani Cement loans to Edelweiss last quarter. The company is in talks to buy the remaining Binani Cement debt held by other local lenders including State Bank of Bikaner & Jaipur and Syndicate Bank.

Edelweiss is finding opportunities after the stressed-asset ratio in the country’s banking system hit a 13-year high of 11.3% at the end of September.

Edited from source by Joseph Green. Source: Bloomberg