Icra puts Ponty, Hardeep group firms under watch

Last Updated: Mon, Nov 26, 2012 19:40 hrs

Rating agency Icra has put 10 companies owned by Gurdeep (Ponty) Chadha and his brother, Hardeep Singh Chadha, under watch following the death of both in the recent Delhi shootout.

Icra said it would monitor further developments in the companies, including succession planning and related issues, before concluding the rating action.

Out of 10 group companies, the prominent ones are AB Grain Spirits (fund limit Rs 407 crore), Chadha Sugars and Industries (fund limit of Rs 318 crore) and GS Malls (loans of Rs 130 crore, fund limit of Rs 89 crore). Other entities in the group include Wave Industries and Chadha Papers.

A B Grain Spirits is engaged in grain-based production of extra-neutral alcohol and Indian Made Foreign Liquor, among other things. Chadha Sugars was incorporated in 2004 and has business interest in diverse areas such as real estate, sugar, liquor and paper.

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