News Brief | November 2016
Adhunik Power owners plan equity infusion to retain control
Power sector JV, Adhunik Power and Natural Resources, is looking at equity investment proposal to outbid OPG Power Ventures that is vying to acquire the financially ailing firm. Jointly owned by the Agarwal family, private equity firms SBI Macquarie and IDFC Project Equity, the management will make a pitch to retain control over the company, sources have stated. OPG Power Ventures had proposed to acquire majority stake in Adhunik Power under the strategic debt restructuring (SDR) scheme, which involved a steep haircut and converting majority of the outstanding loan into deep discount bonds.
A consortium of 24 banks led by SBI have an exposure of 3,200 crore to the company which is classified as non-performing loans (NPA) with most lenders.
Contact: Adhunik Power