CFM ARC wins bid for PNB's Gammon debt at 73% haircut

CFM Asset Reconstruction Company has acquired Punjab National Bank's ₹514 crore loan to Gammon India for ₹140 crore. This acquisition gives CFM control over a significant portion of Gammon's legacy non-performing asset, primarily targeting its real estate assets. The deal represents a substantial haircut for PNB, highlighting the challenges in recovering debt from EPC companies.