Essel woes: Kotak AMC asks FMP investors to wait till September 2019

Kotak Asset Management Company on Wednesday said it is working closely with the Essel Group for the optimal recovery in fixed maturity plan, ET Now reported quoting sources.

According to sources, Kotak AMC has repaid principal and some interest on matured fixed maturity plans that had investments in Essel Group companies and IL&FS Transportation. It has asked investors to wait till September 2019 for the full payments. Essel Group companies include Edison Utility Works and Konti Infrapower & Multiventures.

Sources suggested said that the AMC is working closely with Essel Group for optimal recovery and made 100 per cent provision for ITNL investment as it was classified in RED category.


As many as two of such fixed maturity plans have matured so far in April. Overall eight FMPs are going to mature during April and May.