Indian billionaire Gautam Adani’s energy unit, Adani Power, has entered into a definitive agreement to acquire a 1,370-megawatt thermal power plant backed by debt-laden GMR Infrastructure. However, the company did not disclose the financial details of the deal.
In a statement, GMR Infrastructure on Thursday said it has entered into a definitive agreement with Adani Power to sell its entire 47.62 per cent stake in GMR Chhattisgarh Energy (GCEL), held by its wholly-owned subsidiary, GMR Generation Assets Limited (GGAL).
“The consortium of lenders of GCEL adopted the “change in management” as a resolution plan (RP) in accordance with the guidelines issued by the Reserve Bank of India. Lenders followed a detailed bidding process and selected APL as the final bidder,” GMR Infrastructure said in a filing to the Bombay Stock Exchange.
GMR Chhattisgarh Energy has received 100 per cent approvals of all lenders for implementation of the RP, it said. As on March 31, 2019, the Chhattisgarh plant had an outstanding debt of Rs 5,926 crore. Read More
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