In an interview with CNBC-TV18, RK Singh, MoS, Power & Renewable Energy discussed about the stressed assets in the industry.
Seven plants will be brought on the stream as soon as Shakti takes effect. Shakti auction has happened, coal mines have been allotted, now some signature was pending with the Coal India Ltd. If they have signed then that will take seven more of (the projects), he said.
Q: What do you think about stressed assets in the power industry?
A: They held a series of meetings with the promoters as well as the bankers, other investors and worked out a roadmap for salvaging whatever could be done. Much of the stress happened for the two reasons, one reason was that there was a huge scam in coal during the previous government. The coal blocks were first settled and then those coal blocks were cancelled and so suddenly all these power plants, which were under construction, which had been completed or are near completed, they were all stranded. Read More…
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