GVK in talks with Deutsche Bank to swap Punjab Power Plant debt
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Hyderabad, Sept. 27 -- GVK Group is in discussion with Deutsche Bank to transfer the loans extended by senior lenders for its 540 MW coal-fired power project in Punjab, a source close to the development said on Wednesday.
GVK Power (Goindwal Sahib) Ltd (GPGSL) was unable to run the plant at optimal capacity during financial year 2017-18 and 2018-19 primarily on account of low availability of fuel and hence defaulted on repayment of dues to lenders.
Consequently the lenders have classified the loan balances of GPGSL as non-performing assets.
However, the company was able to secure coal supply for the plant under centres Shakti scheme and plant generated over 800 million units last year.
If it is through, then Deutsche Bank will be ...
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