RattanIndia posts Rs 2,107 crore Q3 profit on debt restructuring
The company’s EBITDA stood at Rs 3,299 crore for nine-month period from April till December 2019.
By ET Bureau |
Agencies
RattanIndia Power Limited posted net profit of Rs 2,107 crore for the quarter ending December 2019 after completing debt restructuring with existing lenders for the 1,350 mw Amravati Power Plant in Nashik whereby foreign funds replaced Indian banks and institutions.
The company’s EBITDA stood at Rs 3,299 crore for nine-month period from April till December 2019, an official statement said.
As part of the one-time settlement of debt, the existing 12 Indian lenders to the plant led by Power Finance Corp and State Bank of India have assigned the existing principal debt of about Rs 6,574 crore to foreign investors like Goldman Sachs and Varde Partners through the Aditya Birla ARC Ltd for Rs 4,050 Crores.
The statement said letter of intent for long term supply of 507 mw power for 25 years has been issued on the Nashik plant by Maharashtra. “The company is working with lenders to the plant to actively explore various options to resolve the stress,” it said.
The company’s EBITDA stood at Rs 3,299 crore for nine-month period from April till December 2019, an official statement said.
As part of the one-time settlement of debt, the existing 12 Indian lenders to the plant led by Power Finance Corp and State Bank of India have assigned the existing principal debt of about Rs 6,574 crore to foreign investors like Goldman Sachs and Varde Partners through the Aditya Birla ARC Ltd for Rs 4,050 Crores.
The statement said letter of intent for long term supply of 507 mw power for 25 years has been issued on the Nashik plant by Maharashtra. “The company is working with lenders to the plant to actively explore various options to resolve the stress,” it said.
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