The portrait of Mahatma Gandhi is displayed on an Indian 2,000 rupee banknote. Photographer: Brent Lewin/Bloomberg

Essel Group Entity Defaults On NCD Interest Payments

Essel Green Energy Private Ltd., a subsidiary of the Subhash Chandra-led Essel Group, has defaulted on interest payments on its non-convertible debentures.

The company failed to pay annual interest of Rs 19.95 crore due on March 31, according to its April 1 exchange filing. It raised Rs 300 crore in February 2016 on private placement basis from Piramal Enterprises Ltd. and Baboon Investments Holding BV, the filing said.

The Noida-based company said its operating cash flows aren't sufficient to service its term loans and NCDs. It’s evaluating options for a viable restructuring, including sale or monetisation of non-core assets, sale of projects, equity infusion and debt refinancing by investors, the filing said.

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