KSK Energy Ventures today said its arm KSK Mahanadi Power Company is ceased to be its subsidiary following invocation of pledged shares by a consortium of lenders upon default on repayment.
“…consequent to the invocation of pledge at KSK Mahanadi, it ceased to be subsidiary of the Company and will substantially impact the Group’s business moving forward,” KSK Energy Venture said in a BSE filing.
According to the statement, the lenders consortium at KSK Mahanadi Power Company (KSK Mahanadi) along with lenders consortium at the water and railway infrastructure SPVs (special purpose vehicle) had issued notices of default with respect to credit facilities availed under the respective facility agreements. Read More
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