IndiaCatalog.com
India News
Search Web Directory
News Home
ArcelorMittal offers Rs 4,800 crore for Essar’s Mahan power project in MP
Posted on 19th February 2019
ArcelorMittal has offered lenders Rs 4,800 crore for Essar’s 2×600 MW Mahan thermal power project in Madhya Pradesh, surpassing the Essar promoters’ one-time settlement offer of Rs 3,500 crore, a senior PFC official told FE.

Rajeev Sharma, chairman and managing director of PFC, which is one of the consortium lenders to Essar Power’s MP project, told FE, “We are in process of evaluating the offer. We will offer promoters the first right of refusal, if they will match or exceed the offer, we will select the highest offer. As a transparent mechanism to choose the bidder we will open the window for a day and the highest bidder will be chosen under the reverse auction process. We are hopeful of closing the deal in the next 2-3 months.”

In September 2018, ICICI Bank, the lead lender for the Essar Power’s Mahan project, moved the NCLT seeking initiation of insolvency proceedings against Essar Power MP. However, after the apex court’s order maintaining a status quo on relief to power companies from the February 12 RBI circular, lenders have decided to resolve the issue outside the NCLT.

Essar Power MP owes the consortium of lenders around rs 5,300 crore. Essar owes PFC Rs 1,345 crore as of date.

Apart from the Mahan project, PFC is in an advance stage of resolving around seven stressed assets totalling around Rs 10,234 crore in debt value terms. The company hopes to resolve them in next four to five months.

Some of these projects — Dans Energy and Shiga Energy’s two hydel power projects in Sikkim and Essar Power Transmission’s project — have offered 100% principal recovery of around Rs 1,400 crore to PFC. “We are negotiating a better deal with them. Currently, 16% provisioning is available for these project, and if settled, it will lead to reversal of this provision too,” Sharma said.

GVK Ratle, the 850-MW hydro power project in J&K, owes PFC around Rs 811 crore as of date.

However, the company has been servicing the loan regularly for the last 11 months. So, the asset is expected to be upgraded to ‘standard asset’ from the non-performing category in the coming quarter along with provision reversal of Rs 600 crore, Sharma said.

The two phases of RKM Powergen totalling around 1,240 MW have also tied up 90% of PPA under the pilot scheme of government as well as few positive development with the Chhattisgarh government, which is likely to improve the valuation of the projects.

Few other projects like the Jhabua power project, 1,370 MW Rattan India’s, Amravati project and GMR’s 1,350 MW Chattisgarh project are also in fairly advance stages of resolution, Sharma added.

There are more than 18,000 MW of stressed power projects in the NCLT at present. These projects were identified on the basis of their inability to service loans due to various operational factors, like lack of PPAs or fuel linkages.

Related Companies: Essar Power Ltd.   

Other Latest News
China delaying permission to India for sending plane to Wuhan: Official
Posted on 22nd February 2020

China is delaying grant of clearance to India's proposal to send an Indian Air Force plane to carry relief material for people affected by coronavirus in the neighbouring country and bring back Indians from its city of Wuhan, official sources said on Saturday.

India was to send a C-17 military transport aircraft to Wuhan, the epicentre of the coronavirus outbreak, on February 20 but the plane could not take off as permission was not granted.


Centre pays Rs 50,850 crore to farmers under PM-KISAN scheme
Posted on 22nd February 2020

The Centre on Saturday said it has disbursed Rs 50,850 crore to farmers so far under its landmark scheme PM-KISAN, enabling them to meet farm input cost and household expenses.

The agriculture ministry shared the progress made under the scheme, ahead of its first anniversary on February 24.

The PM-KISAN was formally launched on February 24 last year by Prime Minister Narendra Modi at Gorakhpur, Uttar Pradesh.


Technology will help deliver speedy justice: PM Modi at International Judicial Conference
Posted on 22nd February 2020

Prime Minister Narendra Modi on Saturday said that the synergy technology and human conscience will result in a speedy justice system in India and the Centre has made efforts to connect every court of the country to the e-court Integrated Mission Mode Project.

The establishment of National Judicial Data Grid will also make court procedures easier, he said.


After merger approval with Indus, Bharti Infratel board to meet on Feb 24
Posted on 22nd February 2020

Bharti Infratel on Saturday said its board will meet on February 24 to chart out the future course of action following the telecom department's approval for merger with Indus Towers.

The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China.


Arvind Kejriwal, Manish Sisodia barred from attending Melania Trump's Delhi govt school visit: AAP
Posted on 22nd February 2020

In a bizarre turn of events, Delhi Chief Minister Arvind Kejriwal and Deputy Chief Minister Manish Sisodia have reportedly been barred from attending the event at a Delhi Government school where First Lady of the United States Melania Trump is scheduled to visit next week.

Delhi Government sources claimed that Kejriwal and Sisodia were dropped from the school event, even though were earlier set to attend the programme since the school comes under the Delhi government.


» 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 ArcelorMittal offers Rs 4,800 crore for Essar’s Mahan power project in MP
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 ArcelorMittal offers Rs 4,800 crore for Essar’s Mahan power project in MP

Most Read News

Engine of GoAir flight catches fire during takeoff; all passengers safe

Kejriwal calls meeting with officers to discuss water supply, healthcare

IndusInd Bank hits lowest level since January 2017, slips 16% in 8 days

Prashant Kishor likely to get 'Z' category security cover in West Bengal

Graphite India slips 5%, nears 52-week low on Rs 353 crore net loss in Q3

More India News

Photo Gallery

Akhil(11 Images)Akhil
Kavalai Vendam(11 Images) Kavalai Vendam
  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 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement