Banks, led by State Bank of India, are close to finalising resolution plans for at least half a dozen stressed power companies involving total loans of ₹50,000 crore, which could result in banks taking more than 50% haircut, bank officials said.
Banks are set to finalise deals for about a dozen stressed power projects with more than 13,000 mw capacity within the next 10 days even if they have to take steep haircut, people familiar with the development said.
Efforts from state governments such as those of Maharashtra and Uttar Pradesh to develop floating solar plants might hit the financial-viability hurdle. Industry officials said that non-availability of the primary float structure in India make these projects an expensive option.
Sajjan Jindal-promoted JSW Energy has expressed interest in bidding for stressed assets of Bhushan Energy, the third among the Singhal family’s debt-laden companies that have been admitted in the bankruptcy court.
Merchant power rates have shot up 50 per cent in the past week to over Rs 6 per unit. While this augurs well for most of the power-generating companies, JSW Energy will be the biggest beneficiary amongst the large power generators since it sells over 25 per cent of the capacity through the merchant route.
JSW Energy, an arm of the JSW Group in India, today posed a net loss of Rs 480.05 crore for the quarter ended March 2018 owing to higher fuel cost and provisions against outstanding payments.
JSW Energy today said it has appointed Sergio Luiz Pegoraro Rocha Chief Operating Officer to drive its the Electric Vehicles (EV) business.
JSW Energy Ltd. plans to launch its electric vehicle in the next three-four years and is looking at potential partners for it, company’s Managing Director and Chief Executive Officer Prashant Jain told BloombergQuint in an interaction.
Sajjan Jindal-led JSW Energy today reported a nearly two-fold increase in net profit for the quarter ended December 31 at Rs 50.55 crore mainly on the back of improved revenues, decline in finance cost and lower effective tax rate.
Tata Group-backed Resurgent Power has emerged as frontrunner to buy Jaypee Power Venturesafter lenders, who own majority shares, put it on the block, said people directly aware of the matter. Jaypee has 2,200 MW of hydro and coal-fired power generation assets, with Rs 12,000 crore in loans following the debt restructuring. Two Middle East sovereign funds — Kuwait Investment […]