Siva group companies look to settle dues with State Bank of India, others

Siva group offers Rs 81 cr to lenders

Companies owned by Chennai-based serial entrepreneur C Sivasankaran are close to signing loan settlement agreements with a slew of Indian banks led by the State Bank of India that would see these accounts becoming standard again.

Siva Industries & Holdings, WinWind Power Energy, Hi-Tech Housing Projects, and Sterling Agri Products will be paying settlement fees of Rs 81 crore to banks as against their dues of Rs 280 crore. As part of the deal, lenders will release its charge on the properties and other securities after the payment of the settlement amount.

This is the second settlement with