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Andhra Bank classifies debt of Sathavahana Ispat as NPA

Andhra Bank, one of the consortium member in the loan portfolio of Sathavahana Ispat has classified the debt of the company as Non-Performing Asset (NPA) as per extant RBI guidelines with effective from June 30, 2017.

This step has been taken since the structuring of accounts of the company under S4A scheme is found not feasible and based on the decision of JLF the S4A scheme cannot be implemented.

The company is expecting that the lenders will consider the request for deep restructuring of the debt and arrive at the resolution plan at the earliest. The company views that the deep restructuring will help in the long run.

Sathavahana Ispat is engaged in the manufacturing of pig iron and metallurgical coke. The company also in the business segment of Pig Iron, Metallurgical Coke with Co-generation Power.  

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