Suguna Group company, Steel unit in Nalgonda district Telangana has seized regarding the loan recovery process started by banks.
Sujana Metal Products Ltd later named as Splendid Metal Products Ltd has 11 units across Telangana, Andhra Pradesh and Tamil Nadu. The seized unit is located in Chikatigudem, Kethepally Mandal of Nalgonda district, as per the action is taken the lives of 130 employees are in shadow.
As per the sources, the unit was seized to recover around rs1300crore loan for banks. As of March 31, 2018, secured loans issued by banks total rs1227crore.figuring in the list of banks are Andhra Bank, Indian Bank, Indian Overseas Bank, Lakshmi Vilas Bank, Oriental Bank of Commerce and Punjab National Bank. Splendid Metal Products Ltd is categorised as a secondary producer in the industry.