Adani Power bid for GMR Chhattisgarh approved by lenders

All 17 lenders to GMR Chhattisgarh Energy have approved Adani Power’s bid for the 1,370 megawatt (MW) pulverised coal-fired plant in Raipur, a senior official at the Power Finance Corporation (PFC) told reporters on Wednesday. He said KSK Mahanadi, another stressed project for which Adani had earlier put in a bid, will be heading back to the National Company Law Tribunal (NCLT) for a fresh insolvency procedure.
Rajeev Sharma, chairman and managing director of PFC, said his company is expecting a recovery of close to 50% from GMR Chhattisgarh, against which it has already provided 51%. “I am confident that within the next one month or maximum two months, we should be able to recover 50% from this project,” he said.

PFC’s exposure to GMR Chhattisgarh is about Rs 1,000 crore. The power project’s total outstanding debt stood at Rs 8,800 crore at the end of FY18, according to its parent firm GMR Infrastructure’s annual report for the year.