HomeEnergy NewsAdani Group set to win 3 out of 7 stressed power projects, says report

Adani Group set to win 3 out of 7 stressed power projects, says report

Banks are close to resolving seven stressed power assets totalling over Rs 74,000 crore by selling three of the power projects to Adani Group, Mint reported.

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By CNBC-TV18 January 10, 2019, 8:35:47 AM IST (Published)

Adani Group set to win 3 out of 7 stressed power projects, says report

Banks are close to resolving seven stressed power assets totalling over Rs 74,000 crore outside the bankruptcy framework, by selling three of the power projects to Adani Group, Mint reported.



The three companies to be sold are — Coastal Energen Pvt. Ltd (debt of Rs 6,132 crore), KSK Mahanadi Power Ltd (Rs 17,194 crore) and GMR Chhattisgarh Energy Ltd ( Rs 8,174 crore), the report said citing two people aware of the discussions.


The State Bank of India-led consortium of lenders, the report said, are planning to frame resolution plans under the Scheme of Asset Management and Debt Change Structure or Samadhan.

Under the scheme, the debt of a stressed power company is divided into sustainable and unsustainable portions.

For the remaining stressed power companies, RattanIndia Power Ltd’s bankers are settling for a haircut of around 50 percent as the company's bad loans stand at Rs 7,108 crore and SKS Power Generation (Rs 4,801 crore debt) is already acquired by Hong Kong-listed Agritrade Resources, the report said.



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