Lenders get majority stake in GMR’s Chattisgarh power plant
GMR Chhattisgarh Energy Limited (GCEL), a subsidiary of GMR Infrastructure Limited (GIL) has announced that the consortium of lenders of GCEL have adopted Strategic Debt Restructuring Plan (SDR), as provided under the scheme permitted by the RBI. Accordingly, GCEL has allotted equity shares to all the lenders.
As per the SDR scheme, out of the total outstanding debt (including accrued interest) of Rs 8,800 crore, debt to the extent of Rs 2,992 crore has been converted into equity by which the consortium lenders would have 52.4 per cent shareholding and balance 47.6 per cent would be held by GMR.
Post the conversion, the balance project debt stands at Rs 5,800 crore with Rs 2,992 crore equity held by lenders and Rs 2,721 crore equity held by the GMR group. The lower debt levels would result in improving the long term viability of the project, the company said in a statement.
GCEL is a 1,370 mw (2×685 mw) coal based power plant at Tilda, district Raipur, Chhattisgarh. The project was fully commissioned in March 2016 and has long term fuel security in the form of two captive coal blocks. The plant is currently operating under short-term power purchase agreements through exchange and bilateral routes.
The GMR group, an infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure, has 15 power generation projects, nine operating road assets and a double rail track line of eastern dedicated freight corridor under development.
The GMR group operates Indira Gandhi International Airport in New Delhi and greenfield Rajiv Gandhi International Airport at Hyderabad. GMR Infrastructure in partnership with Megawide Construction Corporation is developing Mactan Cebu International Airport (MCIA) in Philippines. The group is also developing two Special Investment Regions at Krishnagiri and Kakinada and India’s largest Smart Airport City near Hyderabad International Airport.
