Reliance Power in talks with Yes Bank, LVB, IDBI Bank and Axis Bank for outstanding borrowing of Rs 1,351 crore
Reliance Power in talks with Yes Bank, LVB, IDBI Bank and Axis Bank for outstanding borrowing of Rs 1,351 crore

Reliance Anil Dhirubhai Ambani Group company Reliance Power is in talks with lenders for debt resolution plan for outstanding borrowing of Rs 1,351 crore. The company in its filing stated its recent default stands at Rs 13.42 crore.

Yes Bank, Laxmi Vilas Bank, IDBI Bank and Axis Bank are the lenders in this case.

The company informed the exchange, “The Company is closely working with its lenders towards achieving a debt resolution plan.”

The company has two loans worth Rs 83 crore borrowed from Yes Bank; from Laxmi Vilas Bank loaned a sum of Rs 115 crore; borrowed Rs 42 crore from IDBI Bank and Axis Bank loaned Rs 64 crore. The total principal amount is Rs 304 crore, but outstanding is Rs 1,351 crore.

Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally. The company has close to 6,000 MW of operational power generation assets.

The projects under development include three coal-fired projects to be fueled by reserves from captive mines and supplies from India and elsewhere; one gas-fired project; and twelve hydroelectric projects, six of them in Arunachal Pradesh, five in Himachal Pradesh and one in Uttarakhand, the company website stated.

Its project portfolio includes 3,960 MW Sasan Ultra Mega Power Project (Madhya Pradesh).

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