Panyam Cement prepares to restart operations

India’s Panyam Cement, based in Andhra Pradesh, has received approval from the National Company Law Tribunal (NCLT) to begin operations once more.

The NCLT approved the resolution plan for the defunct company, while its new management (RV Consulting Services Company and Sagar Power Ltd) are set to invest INR1bn (US$13.47m) to clear the loans of the previous management and a further INR1.5bn for fresh capital.