IndiaCatalog.com
India News
Search Web Directory
News Home
Lanco Kondapalli’s power plant put on sale by lenders
Posted on 23rd June 2018
Lenders led by Axis Bank have put on sale Lanco Kondapalli’s 1476-megawatt (MW) gas power plant in Andhra Pradesh, according to sources. The plant’s debt to lenders stood at Rs 3,503 crore at the end of FY16.

Emails sent to spokespersons at Axis Bank and the Lanco Group did not elicit responses till the time of going to press.

The plant became operational on May 3, 2016.

Lanco Kondapalli was one of the nine accounts that Axis Bank had reclassified as non-performing assets (NPAs) from standard assets earlier after the RBI asked them to do so as part of its annual review process.

Earlier this week, state-owned Bank of Baroda (BoB) had also put its Rs 107-crore exposure to Lanco Kondapalli on the block.

The consortium of lenders to the plant are known to have implemented strategic debt restructuring (SDR) on the Lanco Infratech subsidiary in January. With the central bank’s February 12 circular withdrawing all existing debt restructuring schemes, a large number of stressed accounts slipped in the March quarter.

In Q4, Axis Bank reported gross slippages to the tune of Rs 16,536 crore, 41% of which came from power generation and distribution companies. The bank’s total standard fund-based outstanding to the power sector at the end of March was Rs 9,776 crore.

Assets in the power sector have of late become a cause for concern for banks as a lack of power purchase agreements (PPAs) and other structural issues has led to many of them defaulting on loan repayment obligations.

On May 22, FE had reported that banks are working on a plan to resolve Rs 70,000 crore worth of NPAs in the power sector through operation and maintenance (O&M) contracts.

Earlier, lenders to thermal power projects had decided to assign rating agencies to determine the “sustainable debt” levels of completed plants with existing PPAs and coal supply arrangements. Companies whose power projects would be rated by credit rating agencies include KSK Mahanadi, India Bulls, GMR, Avantha, Essar and Lanco.

Related Companies: Lanco Industries   

Other Latest News
Air India pilot grounded for three months after failing alcohol test
Posted on 15th July 2019
New Delhi: An Air India pilot has been grounded for three months after he tested positive in a pre-flight breath analyser (BA) test here on Saturday.

The pilot wanted to fly as a passenger from Delhi to Bengaluru. Since the flight was full, he requested to fly in the cockpit as an additional crew member.


Amazon’s $700 million training pledge is actually a bargain
Posted on 15th July 2019
New York: Amazon.com Inc. is amazing at turning mundane corporate management decisions into global news events.

Many retailers host annual sale events. But Amazon “celebrates" Prime Day. Many chief executives write notes to their shareholders. But Jeff Bezos pens annual letters with “lessons" and “principle themes" and “important words" to behold. Many companies open satellite offices.


Suzuki’s next electric vehicle in India could be based on Ertiga
Posted on 15th July 2019
NEW DELHI: Suzuki Motor Corp. plans to tap the popular multipurpose vehicle Ertiga to build its second electric vehicle for India, said two people directly aware of the development, as global automakers accelerate efforts to sell more eco-friendly vehicles in a country that is home to some of the world’s most polluted cities.

NZ vs ENG: Cricket World Cup 2019 | Kiwi fans on the outer for thrilling cricket finale
Posted on 15th July 2019
New Zealand cricket fans watched the Black Caps succumb to England in a nerve-shredding Cricket World Cup final Monday, but the country's sports bars were closed as the match reached its climax.

The match was played in the dead of night in New Zealand, starting at 10:15 pm on Sunday and ending around 6:30 am on Monday when the Black Caps lost in the final ball of an extra-time Super Over.


Amazon, Flipkart not on Mukesh Ambani’s radar; Reliance Jio readies platform to wire kirana stores
Posted on 15th July 2019
Reliance Jio, which has plans to foray into e-commerce, will not be taking on the likes of Flipkart and Amazon, at least initially. Instead, the company’s first project on which pilots have started is to build a B2B platform targeted at merchants who run grocery, fruits and vegetable stores in the neighbourhood markets. The company has termed it ‘Hybrid Online-to-Offline’ platform. At a later stage, this B2B platform would be connected to the MyJio app and thus provide the B2C interface also.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Lanco Kondapalli’s power plant put on sale by lenders
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Lanco Kondapalli’s power plant put on sale by lenders

Most Read News

5 centuries in 9 matches: Rohit Sharma shares the secret of his World Cup record

Government duty bound to achieve fiscal deficit of 3% as per law: Finance Minister Nirmala Sitharaman

Gold prices in India come off record highs

Trai rejects DoT plea to cut spectrum price

Department of Telecom likely to start tracking system for lost mobiles next month

More India News

Photo Gallery

Johnny Depp(13 Images) Johnny Depp
Tom Cruise(11 Images)Tom Cruise
Rogue(11 Images) Rogue
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement