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Its principal debt to a consortium of 12 lenders stood at around Rs 6,574 crore. Under the scheme, the existing lenders led by Power Finance Corporation (PFC) and the State Bank of India (SBI) have assigned the debt to a set of new investors and lenders, led by marquee foreign funds including Goldman Sachs and Varde Partners, through the Aditya Birla ARC Ltd for Rs 4,050 crore, the company said in a statement."This is the first successful scheme to have been closed under the RBI's Prudential Framework for resolution of Stressed Assets of June 7, 2019 and the largest in terms of size outside the NCLT framework attracting global investors without any change in the existing management," it said.As per the statement, while most deals in the power sector, resolved under the NCLT framework in the past have been settled at Rs 1.2-1.5 crore per MW, this transaction closed at Rs 3 crore per MW.Commenting on the development, Aman Singh, CEO of RattanIndia Power said: "This debt resolution has been first of its kind in the stressed power space with overseas investors investing into Indian power sector. This deal will provide a template for more such foreign investments in debt in stressed assets in the infrastructure sector."RattanIndia Power currently owns two coal-based power plants in Maharashtra's Amravati and Nashik with an aggregate capacity of 2,700 MW comprising of 1,350 MW each.( With inputs from IANS )

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Rattanindia power, Latest News

Business :RattanIndia Power resolves debt via one time settlement

Power generation company RattanIndia Power Ltd on Monday said that it has resolved its dues with its lenders through a one time settlement (OTS) scheme. ...