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Lenders are seeking Andhra govt’s help in saving Rs 10,500 cr power plant

According to the source, the rescue of the 12 lenders of the Rs 10500 crore under-construction 1320 MW power project at Kakarapalli village in the Srikakulam district may be come by the Andhra Govt

The list of 12 lenders are escorted by the Power Finance Corp, out of them 11 are public sector undertakings. State Bank of India, Bank of Baroda, Punjab National Bank, Federal Bank and Corporation Bank are included in the list of lenders besides PFC.

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The total debt of the project is Rs 8,700 that is being developed by East Coast Energy. The project, which is being developed by East Coast Energy, has debt of Rs 8700.

The total cost of the project of Rs 10,500 crore is for phase-1 and the phase-2 only exists on paper as it has same size and capacity. A consortium of the companies promotes East Coast.

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Officials of the Andhra govt have already been met and the due industry is on. The state officials have been responded positive yet. They have disbursed Rs 2969 crore in loans. Both fund-based and non-fund based lending are comprised.

They have infused Rs 836 crore in equity.  The accomplishment of the project is not only significant for the lenders but also for Ptc India and its subsidiary PTC Financial Services.

PTC India Financial Services has 8.09% stake in East Coast Energy while its parent company PTC India holds 20% stake in Athena Energy Ventures, which is one of the promoter companies of East Coast by 25.93% stake in the extraordinary function vehicle.

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KV Vijayakumar promotes Athena and is also promoted by some high networth individuals of India and abroad. Promoters of Karvy group are included in it.

Singapore-based Asian Genco Pte, Navayuga Engineering Company, Indus Clean Energy Fund and Abir Infrastructure are the further promoters of East Coast Energy. Rs 133 crore had been invested by PTC India Financial for in East Coast for its 8.09% stake as on March 31, 2016. Equity of Rs 85 crore had been brought by the PTC India in the special purpose vehicle.


The post Lenders are seeking Andhra govt’s help in saving Rs 10,500 cr power plant appeared first on Mcr World.

This post first appeared on Share Market News In Hindi, please read the originial post: here

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Lenders are seeking Andhra govt’s help in saving Rs 10,500 cr power plant


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