Reliance Power proposes settlement of Rs 1,200 crore to Vidarbha Inds lenders
Anil Ambani-promoted Reliance Power has proposed a one-time settlement (OTS) of ₹1,200 crore to the lenders of Vidarbha Industries Power to settle its debt, said two sources aware of the development.
Reliance Power’s OTS offer is supported by global alternative investment firm Varde Partners, one source said.
In September 2022, Reliance Power entered into an indicative memorandum of understanding with Varde Partners for availing debt of up to ₹1,200 crore for the settlement and discharge and/or acquisition and restructuring of certain financial debt availed by Reliance Power. In June 2021, Varde Partners invested ₹550 crore in Reliance Infrastructure.
