Rating agency CRISIL has affirmed the default ‘D’ rating for bank loans to Lanco Infratech, a debt-laden construction company against whom lenders have begun insolvency proceedings.
The rating continues to reflect delays in meeting debt obligations. The delays were due to weak liquidity, and the rating is based on limited information available in public domain.
Lanco Infratech is the leading integrated infrastructure conglomerate with global footprints having business verticals viz. EPC, Power, Solar, Natural Resources and Infrastructure.