Built at a cost of Rs 6,000 crore, it had a debt of Rs 4,100 crore. The project has power purchase deal with Haryana, Odisha and Bihar.
Group has been selling its assets to offload debt. It recently sold one of its power projects
to Adani Power. Lenders to GMR Chhattisgarh Energy (1,370 Mw) approved the bid by Adani Power for the project in a bidding outside the National Company Law Tribunal.
The project has a debt of over Rs 5,800 crore. It ran into problem due to absence of long-term power purchase agreements except a short-term deal with Gujarat. At group level, GMR would see reduction in debt exposure of equivalent quantum. The company’s another unit in Maharashtra’s Warora plant (600 Mw) is also searching for buyers. Credit rating agencies are of view that it will default on its Rs 3,000-crore loan amount due to lack of buyers.
Of the total 36 identified stressed assets in the power sector, seven have been resolved through various debt-restructuring schemes by lenders. This includes Jaypee’s Praygaraj, which was bought by Tata Power JV with ICICI Bank, Lanco Teesta Hydropower project was taken over by NHPC and Rattan India Power’s Amravati project was sold to a consortium led by Goldman Sachs. Apart from GMR Chhattisgarh, Adani Power has also bought Avantha Group’s Korba West power project.