Crisis-hit CG Power & Industrial Solutions is in talks with lenders to restructure Rs 2,200 crore debt on India business by March-end.

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Speaking with CNBC-TV18's Nisha Poddar, CG Power's wholetime executive director Sudhir Mathur said that the company has taken an impairment and provisioning hit on its revised Q2FY20 results.

Mathur said that the company has taken an impairment hit of Rs 1,250 crore on international operations.

"We have taken impairment on both Belgium group of companies and the rest of the international business to reflect what we truly believe is the realizable value, and therefore the impairment of Rs 1,250 crore," he added.

Further, he said that the company is in talks with shareholders to raise Rs 700 crore.

"We plan to raise Rs 700 crore via equity funding," said Mathur adding, "and therefore, we are in talks with shareholders for options and participation."

Talking about India operations, he said, “We are looking at monetizing all non-core assets such as the transformer business in Kanjurmarg."

He also stated that the strategic review of international businesses was started earlier.

"We want to focus on India as we think the opportunity here is very large and we have got very strong relationships right through the value chain – from our supplier partners to our customer partners, ” Mathur said.

First Published:Jan 29, 2020 11:18 AM IST