PFC to close resolution plans of 5 stressed assets in 1 month: CMD


PFC to close resolution plans of 5 stressed assets in 1 month: CMD

Power Finance Corporation said Wednesday the worst was behind for stressed power assets and it would finalise resolution plans with five struggling projects with an exposure of Rs 8,254 crore in one month. The state-run company said it had been working with other lenders of these projects for resolution.

The company would benefit from the Supreme Court’s interim relief to stressed assets till November 11, 2018, from insolvency proceedings, Power Finance Corporation (PFC) Chairman and Managing Director Rajeev Sharma told reporters.

“Worst is behind us. We may close the deal for five such projects in next one month. Five projects with our exposure of Rs 8,254 crore are in advance stage of resolution,” Sharma said.

He listed GMR Chhattisgarh, Jhabua Power and KSK Mahanadi where discussions with H1 (highest) bidders were underway to close the deals.

Similarly, one-time settlement offers by managements of Indiabulls Amaravati and Essar Mahan were under finalisation, he said further. Read More

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