Rattan India Power turned around in the current quarter ending December, 2019 to report a profit before tax of Rs 2,106 crore. It had a loss of Rs 188 crore in the corresponding quarter of the previous financial year. The profit comes after conclusion of debt resolution for its 1,350 MW Amravati power project in Maharashtra.
The company, however, has decided to not construct the envisaged second phase of the Amravati project, owing to lack of long-term power purchase agreements (PPAs) in the market.
“The company post restructuring of lending facility has considered not to construct the phase-II and accordingly, after considering the realisable value net of expected cost for dismantling the phase-II, the company has recognised impairment loss amounting