Expect to close deals for 8 stressed power plants after SC verdict: PFC CMD Rajeev Sharma

Power Finance Corp chairman Rajeev Sharma on Wednesday said the company expects to close deals for eight power plants as the Supreme Court granted status quo on insolvency proceedings till mid November.

He said the worst is over in terms of making provisions for stressed assets. The company is adequately covered with provisioning and good offers have also been received for stressed projects.

Increased power demand, and government efforts to electrify villages and households, besides phasing out of old power plants is expected to translate in better value for the streesed assets, Sharma said.

He also said the ongoing Rupee volatility will not affect the company MD the company has exposure of 3.1 billion dollar exposure in foreign currency.

Sharma said the company is in final stages of finalising promotor change for projects like GMR Chhattisgarh, KSK Mahanadi, RKM Powergen, RattanIndia Amravati and Nashik, and Essar Mahan.