Summary:
Nagpur: Bank of America (BoA) has taken over loans worth around Rs3,290 crore owed by city-based company, Jayaswal Neco Industries Limited (JNIL) to a consortium of financial institutions led by SBI. BoA was the single bidder which took over the loans at 70% of the value. Now in turn BoA will be looking for potential investors who would be taking over the debt and later convert it into equity. It was also in news around seven years ago when following a partition of family business, a new company — Abhijeet Group was formed. It was pointed out by RBI that the loan should be termed as NPA because the company could not meet the commercial operation date (COD) for its plant at Raipur, for which the loan was availed..