Udupi Power, Krishnapatnam Port to get Rs 9,500 cr recast under 5/25
Lenders to Udupi Power Corporation and Krishnapatnam Port have refinanced a combined Rs 9,500 crore using the Reserve Bank of India’s (RBI) 5/25 scheme, bankers familiar with the development told FE. In the case of Krishnapatnam Port, repayment terms for Rs 4,600 crore have been tweaked while for Udupi Power, these have been reworked for loans of Rs 4,900 crore.
Interestingly, a set of new banks has joined the existing consortium, allowing banks to protect their net present value without raising the existing interest rate, as per RBI rules.
Udupi Power is located in Karnataka, 35 km north of Mangaluru. The plant was bought from Lanco Infra by Adani Power in August last year at an enterprise value of Rs 6,000 crore.