RattanIndia Power raises fresh loan of Rs 1,114 crore

RattanIndia Power Ltd. has announced that it has refinanced its senior debt in a Rs 1,114 crore transaction led by Kotak Mahindra Bank. 

The company had earlier concluded a landmark resolution with erstwhile lenders for 1,350 MW Amravati Thermal Power Plant in December 2019, whereby the loans from Indian banks and financial institutions were taken over by reputed international financial institutions including Goldman Sachs and Varde Partners through Aditya Birla ARC alongwith 15% equity stake each to both sets of lenders (outgoing and incoming).

Since the earlier resolution of December 2019, RattanIndia Power Ltd. has repaid an amount of Rs 3,371 crore over last three and a half years to these international financial institutions out of which Rs 988 crore was prepayment. 

RattanIndia Power Ltd. has raised fresh loan of Rs 1,114 crore in a transaction led by Kotak Mahindra Bank and has fully repaid the balance senior debt to these foreign financial institutions.

Company’s operational performance remains strong with average EBITDA exceeding Rs 1,000 crore per annum since commissioning over the last 8 years. 1,350 MW Amravati Power Plant has full PPA with Maharashtra discom MSEDCL and full coal linkage with Coal India subsidiary South Eastern Coalfields Limited.

Rajiv Rattan, Chairman of RattanIndia Power said “Electricity will be a cornerstone for India’s economic growth over the years to come. RattanIndia Power has built world class plants in the state of Maharashtra. 

Amravati Power Plant has been consistently performing for the last 8 years with robust cash flows. The refinance transaction is a strong testimony to its excellent operating performance.”

Source: Media Reports