With the financial year drawing to a close, the resolution of stressed power assets remains a challenging task for banks. Out of the seven troubled power cases identified by lenders to be resolved under the "Samadhan” scheme with over Rs 74,000 crore in debt, only one has been resolved, sources privy to the developments told CNBC-TV18.
Lenders have approved the sale of SKS Power Generation Chattisgarh unit for Rs 2,170 crore to Hong Kong-based Agritrade Resources, and are going to take a 57 percent haircut on this sale, said people familiar with the matter.
Among others, Coastal Energen with a debt of Rs 6,132 crore may likely go for a re-bid, and RattanIndia Power’s proposal of the settlement with promoters may also not work out with one of the key investors backing the promoter walking out of the deal, said sources.
Prayagraj Power Generation, with Rs 11,086 crore debt, may also not be resolved soon with Uttar Pradesh Electricity Regulatory Commission’s final order on tariffs awaited to conclude the sale to Resurgent Group, said a banker aware of the developments.
With Adani Group withdrawing its bid for KSK Mahanadi, the asset is unlikely to be resolved before the next quarter, as per sources. KSK Mahanadi Power has a debt of Rs 17,194 crore.
However, sources added that Adani Power’s potential acquisition of GMR Chattisgarh, which has a debt of Rs 8,174 crore is still under consideration and may be closed in the next quarter.
Lenders were hopeful of restructuring Jaiprakash Power Ventures Limited’s Rs 20,000 crore debt by the close of the quarter, but sources in the know said Canara Bank has yet to give its nod for the recast, and therefore a closure could be some time away.
First Published: IST