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Rattan India Amravati finds saviour in Goldman Sachs, Varde Partners

This also includes 15 per cent equity each in the project. The new lenders have used the Aditya Birla Asset Reconstruction Company platform for the deal

A sign is displayed in the reception of Goldman Sachs in Sydney (Photo: Reuters)

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The project has undergone two debt-restructurings in the past, of which the second one could not be concluded due a circular of the Reserve Bank of India (RBI) issued in February 2018.

Shreya Jai New Delhi

4 min read Last Updated : Dec 30 2019 | 11:45 PM IST

Rattan India’s Amravati power project (1,350 Mw) has concluded its debt restructuring with new lenders coming on board.

Goldman Sachs and Varde Partners will take over Rs 4,050 crore of the total debt from existing lenders.

This also includes 15 per cent equity each in the project. The new lenders have used the Aditya Birla Asset Reconstruction Company platform for the deal.

The total debt exposure of the consortium of lenders was Rs 6,575 crore. This would entail 38 per cent haircut by the consortium led by state-owned Power Finance Corporation. There were 12 lenders to the projects, including State

Topics : Rattan India Goldman Sachs corporate debt restructuring

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