Creditors have given Essar Steel India Ltd till the end of June to find a buyer for a majority equity stake in the company, said two people familiar with the matter.
If that doesn’t happen, the banks will find a buyer themselves, the two added, asking not to be identified.
Loans to Essar Steel, which is controlled by the Ruia family, are among a large pile of bad loans banks are trying to clean off their balance sheets.
Essar Steel said in November that it had around Rs.30,000 crore of debt on its books.
“The message has been communicated to the promoters that we cannot keep waiting. If they are unable to close a deal by June, then banks may have to drive this sale,” said a senior official at a large state-owned bank.
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