Mumbai - A rescue plan for Indian conglomerate Sahara was thrown into disarray on Wednesday after Spanish bank BBVA denied offering a credit line to the group, potentially jeopardising efforts to revive its fortunes and free its jailed boss.
Sahara, once one of the country's most high-profile firms, told the Supreme Court this week that BBVA had agreed a €900m loan to Hong Kong firm Nouam, according to court documents seen by Reuters.
That BBVA cash, it told the court, would then be used to refinance an existing loan to Sahara from Bank of China , which is secured by three luxury overseas hotels, New York's Plaza and Dream hotels and the Grosvenor House in London.