India's Gujarat NRE says started debt restructure process

Last Updated: Fri, Oct 25, 2013 14:50 hrs

MUMBAI, Oct 25 (Reuters) - Indian coal miner Gujarat NRE Coke Ltd said on Friday it has started the process of restructuring its debt. It did not give the amount of debt that it is seeking to restructure or any other detail.

Banks in India bring companies to the so-called corporate debt restructuring process to negotiate relaxed repayment terms with struggling borrowers.

Many lenders have expressed worry about loans to the power, real estate, mining and metals sectors, which are among those hardest-hit by the weak Indian economy growing at its slowest pace in a decade. (Reporting by Himank Sharma; Editing by Sumeet Chatterjee)

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