RattanIndia's two integrated thermal power plants at Nashik and Amravati in Maharashtra have defaulted to the tune of Rs 20,000 crore
Creditors to Maharashtra-based thermal power plant RattanIndia will meet the officials of Mahagenco next week to discuss the takeover of the facility at Nashik. SBI Caps and NTPC, who have been appointed to undertake the financial and technical viability of the power plants, will also make a presentation to the state government officials.
RattanIndia, formerly named India Bulls Power, have defaulted to the tune of Rs 20,000 crore. The group has two integrated thermal power plants at Nashik and Amravati in Maharashtra. For the company's unit in Amravati, lenders are trying to get foreign investors to take over the plant.
An emailed query to RattanIndia failed to elicit any response.
A task force of bankers and Power Finance Corp (PFC) have been formed to resolve the Rs 20,000 crore debt of RattanIndia Nashik and RattanIndia Amravati's power units. The members of the task force for these two projects will be State Bank of India, Bank of India, Axis Bank, Bank of Baroda, IDBI Bank and PFC.
A senior Mahagenco official said, "We are in talks with the banks and we will study the reports submitted by SBI caps and NTPC before we take a call. But we are keen to have new plant capacities."
Three of the major power plants of Mahagenco are more than thirty years old and expenses have gone up to maintain these plants. So the state government is keen to replace some of these facilities.
A senior banker, who is part of the task force, said, "It will be a slump sale for us and it will be beneficial to the state government to get a new facility at discounted rates. As per the RBI circular, once an account is declared as NPA within 270 days it will be referred to the IBC 2016. So we are actively pursuing all possible resolutions."
RattanIndia group, started by Rajiv Rattan, owns the 5400 MW coal-based thermal power projects at Nasik and Amravati.
Another senior banker said, "We will have to take a haircut. The government will not take over the plant without the lenders giving a deep discount. We are trying to identify foreign investors into the project as well but most foreign investors are interested only in renewable power projects."
SEEKING A SPARK
- RattanIndia's two integrated thermal power plants at Nashik and Amravati in Maharashtra have defaulted to the tune of Rs 20,000 crore
- SBI Caps and NTPC have been appointed to undertake the financial and technical viability of the power plants
- A task force of bankers and Power Finance Company have been formed to resolve the debt issue
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 "Thermal power plant")
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