Leela Group to offload loans
Lenders of the Leela Group of hotels have decided to offload loans to Asset Reconstruction Companies (ARCs). The bank is planning to offload a loan worth Rs 4,000 crore in a move to reduce pressure from big-ticket bad loans on the lenders' balance sheets.
According to an ARC executive, “The aim was to conclude the process this month, as banks wanted to get the asset off their books in quarter of this financial year. All lenders to the hospitality company had agreed State Bank of India (SBI), one of the lenders would offload loans to ARCs. Lenders to the company include Bank of India, SBI's associate banks and Export and Import Bank of India.
ARCs bid for the loans included JM Financial Asset Reconstruction Company and Edelweiss.
Latest Updates
ExpansionThe company also introduced passenger services under its Elite Assist brand at the airport, including meet-and-greet and porter services, with plans…
ExpansionThe Sector 50 opening expands Anardana’s presence in Noida and represents the brand’s move towards larger-format restaurants that combine dining,…
LeadershipThe appointment adds hospitality-sector finance experience to KHIL's leadership team as the company continues to focus on financial discipline,…
FoodJubilant FoodWorks has identified 200 locations for Popeyes' future expansion and plans to add approximately 35–40 stores annually over the next…