Adani Power on Thursday announced that it had acquired GMR Chhattisgarh Energy’s 1,370-MW plant for an enterprise value of `4,792 crore after the consortium of lenders, led by Axis Bank, approved the stake sale. This will be the third project to be resolved outside the insolvency route after Prayagraj Project of Jaiprakash Associates and SKS Power’s Binjkote project.
GMR Chhattisgarh Energy, a subsidiary of GMR Infrastructure, ran into trouble due to the absence of a long-term power purchase agreement (PPA) for the super critical power project. In 2017, lenders to the company under strategic debt restructuring (SDR) converted `3,000 crore from the total outstanding debt of `8,800 crore into equity, raising their stake to 52.4% in the company. The balance 47.6% remained with GMR.
