Banks recover ₹6,000 crore in Prayagraj sale

Banks recover ₹6,000 crore in Prayagraj sale

A consortium of 18 lenders, led by State Bank of India, have successfully recovered ₹6,000 crore from the sale of the debt-laden Prayagraj Power Generation Co in the second such one-time settlement deal outside of the bankruptcy mechanism, raising expectations of financial revival for completed power projects.

Govt plans Ordinance to ensure power pacts are honoured

Govt plans Ordinance to ensure power pacts are honoured

The Centre plans to take a major initiative in the power sector with an ordinance to ensure sanctity of contracts, restrict cross-subsidisation of consumers and force utilities to pay their bills on time, a move that can go a long way in making electricity generation and distribution attractive for investors.

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