GMR seeks Rs 85.46 billion power project debt recast

GMR Infrastructure Limited has sought debt restructuring for its 1,370 MW thermal power plant (TPP) at Raikheda in Chhattisgarh from a consortium of 17 lenders. These include Axis Bank, the Power Finance Corporation, Bank of India, India Infrastructure Finance Company Limited (United Kingdom) and the Life Insurance Corporation of India. GMR Chhattisgarh Energy Limited, the special purpose vehicle (SPV) operating the TPP, has accumulated debt to the tune of Rs 85.46 billion owing to cost overruns and a delay in commissioning, among other things. GMR Infrastructure has appointed SBI Capital Market Limited (SBI Caps) as the financial advisor for the restructuring process.