Gammon in talks with Hinduja Group to sell EPC division
Gammon India entered the CDR package by lenders in September 2013 and has made several efforts to sell assets to pare down its massive debt pile of Rs 13,000 crore. Engineering, Procurement & Construction division may be a good strategic fit for Hinduja Group´s listed company Jaihind Projects, experts opined.
Gammon India recently announced its plans to separate its EPC as well as transmission & distribution businesses into subsidiaries called Gammon Retail Infra and Transrail Lighting, respectively. Hinduja Group had recently announced its intent to spend $10 billion in infrastructure and power projects.