Adani Power to acquire GMR Chhattisgarh Energy’s power plant for Rs 35 billion

Adani Power is in the final stages of discussions to take over the 1,370 MW GMR Chhattisgarh Energy Limited thermal power plant in a deal worth Rs 35 billion. At present, the lenders have agreed to change the management and will continue to extend loans to the business. The banks will take a haircut of nearly 41 per cent on this sale, if the deal goes through. GMR Chhattisgarh owes lenders and suppliers a total of Rs 58 billion. The power plant deal is being struck under Samadhan – the Scheme of Asset Management and Debt Change Structure.