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RattanIndia Power had earlier concluded a resolution with erstwhile lenders for 1,350 MW Amravati Thermal Power Plant in December 2019, whereby the loans from Indian banks and financial institutions were taken over by international financial institutions including Goldman Sachs and Varde Partners through Aditya Birla ARC alongwith 15% equity stake each to both sets of lenders (outgoing and incoming).
Since the earlier resolution of December 2019, RattanIndia Power has repaid an amount of Rs 3,371 crore over last three and a half years to these international financial institutions out of which Rs 988 crore was prepayment.
RattanIndia Power has raised fresh loan of Rs 1,114 crore in a transaction led by Kotak Mahindra Bank and has fully repaid the balance senior debt to these foreign financial institutions.
The company said its operational performance remains strong with average EBITDA exceeding Rs 1,000 crore per annum since commissioning over the last 8 years. 1,350 MW Amravati Power Plant has full PPA with Maharashtra discom MSEDCL and full coal linkage with Coal India subsidiary South Eastern Coalfields.
Rajiv Rattan, the chairman of RattanIndia Power, expressed confidence in the company's performance and the importance of electricity for India's economic growth.
RattanIndia Power is a private power generation company, with installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India with investments of Rs 18,615 crore. The power plants are spread over an area of 2,400 acres.
The company reported a net loss of Rs 483.19 crore in Q4 March 2023, compared to a net loss of Rs 310.43 crore in the same quarter last year. However, net sales increased by 9.40% to Rs 900.58 crore in Q4 March 2023, compared to Rs 823.23 crore in Q4 March 2022.
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