Mumbai : Billionaire Gautam Adani’s energy unit is nearing a deal to acquire a 1,370-megawatt thermal power plant backed by GMR Infrastructure, according to sources.
Adani Power will take over about Rs 3,800 crore ($543 million) of loans out of a total of Rs 5,800 crore that GMR Chhattisgarh Energy owes, the sources said. Adani Power will also assume non-funded liabilities of about Rs 1,400 crore, according to a Bloomberg report. The RBI has been looking to restructure stressed loans that have already pushed dozens of companies into bankruptcy. The RBI is attempting to clean up more than $210 billion of soured debt on bank balance sheets and has previously asked lenders to take about 40 large defaulters to bankruptcy court lest overdue borrowings slow growth in India.