JITPL operates a 1,200 MW thermal power plant in Odisha and owes nearly Rs 7,600 crore to lenders.
A Deutsche Bank-led consortium, the sole bidder for acquiring Jindal India Thermal Power’s Rs 7,600 crore debt, has put the transaction on hold, according to a report in Mint.
It had offered Rs 2,400 core and was the sole external bidder for the asset. With the deal now on hold, hopes of any resolution are now crushed, sources told the publication.
Moneycontrol could not independently verify the report.
The asset has problems with coal linkages and with the power section in a precarious situation after lockdown, it may take investors some time to consider even well-performing generators, one source added.
The company operates a 1,200 MW thermal power plant in Odisha and owes nearly Rs 7,600 crore to 17 lenders led by Punjab National Bank (PNB). The lenders have unlisted stake of 51 percent in the company after pledged shares were invoked when it failed to repay debt. These lenders have sought bidders since 2017.
Deutsche Bank refused to comment and JITPL did not respond to queries, the report said.
