Adani to win 3 out of 7 power projects under Samadhan scheme
Lenders to seven troubled power projects are close to resolving loans totalling over ?74,000 crore outside the bankruptcy framework, including by selling three of the companies to Adani Group. According to two people aware of the discussions, Coastal Energen Pvt. Ltd (debt of ?6,132 crore), KSK Mahanadi Power Ltd (?17,194 crore) and GMR Chhattisgarh Energy Ltd (?8,174 crore) will be sold to Adani Group.
The lenders, led by State Bank of India (SBI), plan to frame resolution plans under the Scheme of Asset Management and Debt Change Structure, or Samadhan. Under the Samadhan scheme, a stressed power company’s debt will be divided into sustainable and unsustainable portions. While the liability of the sustainable debt will be assumed by the new owner, the unsustainable part will be converted into equity.
Among the rest, RattanIndia Power Ltd’s lenders would settle for a haircut of around 50% of the distressed power company’s outstanding loans of ?7,108 crore; and SKS Power Generation (?4,801 crore) had already been acquired by Hong Kong-listed Agritrade Resources, they said.
Resurgent Power would buy Prayagraj Power Generation Co. Ltd (?11,086 crore), while Jaiprakash Power Ventures Ltd (JPVL) would see its debt of ?19,958 crore being recast without a change in its existing promoter, they said.