Adani Power consolidates Rs 19,700 cr loans
Adani Power on Thursday said it consolidated different short-term loan facilities worth Rs 19,700 crore availed by the company’s six special purpose vehicles into a single long-term debt. The revised arrangement will help the company benefit from a uniform tenure and reduce effective interest rate, Adani Power said in a regulatory filing.
The company said the loan consolidation under a consortium financing arrangement comprising eight lenders became possible with the amalgamation of its six special purpose vehicles (SPVs) after the credit rating of Adani Power Limited (APL) was enhanced to AA-.
In a separate filing, Adani Power informed that its wholly-owned subsidiary Mahan Energen Limited (MEL) has entered into a 20-year long-term power purchase agreement with Reliance Industries Limited (RIL).
The agreement is for the supply of 500 MW of electricity under the captive user policy as defined in the Electricity Rules, 2005, the filing said.
One unit of 600 MW capacity of MEL’s thermal power plant, out of its aggregate operating and upcoming capacity of 2,800 MW, will be designated as the captive unit for this purpose, it stated.
In order to avail the benefit of the captive user policy, RIL has to hold a 26 per cent ownership in the captive unit in proportion to the total capacity of the power plant.
Accordingly, RIL will invest in 5,00,00,000 equity shares of MEL, aggregating to Rs 50 crore, for the proportionate ownership stake.
APL, MEL and RIL have signed an investment agreement on Wednesday, the filing said, adding that closing of the transaction is subject to customary conditions including receipt of requisite approvals.
For more news like this visit The Economic Times.
News Related
-
Anurag Kashyap unveils teaser of ‘Kastoori’ Finally, the highly anticipated teaser of the National Award-winning film ‘Kastoori’ launched, offering a glimpse into the compelling tale of childhood in search of the smell of happiness. Directed by Vinod Kamble and presented by acclaimed filmmakers Anurag Kashyap and Nagraj Popatrao Manjule, delves ...
See Details:
Anurag Kashyap unveils teaser of ‘Kastoori’
-
New Delhi: After the overwhelming response to the action-packed trailer of the noir crime drama, ‘Shehar Lakhot’, Prime Video has unveiled intriguing posters featuring the intriguing leads of the series, raising the excitement among the audiences and capturing their attention. The eight-episode drama features interesting and multi-layered characters played by ...
See Details:
Shehar Lakhot: Meet The Intriguing Characters Of The Upcoming Noir Crime Drama
-
Watch: ‘My name is VVS Laxman…’: When Ishan Kishan gave wrong answers to right questions NEW DELHI: With a comfortable 2-0 series lead against Australia in the five-match series, Indian cricketers are chilling it out, having fun, enjoying each others’ company. After Monday’s video of Axar Patel throwing a ‘challenge’ ...
See Details:
Watch: 'My name is VVS Laxman...': When Ishan Kishan gave wrong answers to right questions
-
FILE PHOTO: Tennis – WTA Finals – Cancun, Mexico – November 5, 2023 Belarus’ Aryna Sabalenka in action during her semi final match against Poland’s Iga Swiatek REUTERS/Henry Romero SYDNEY (Reuters) – World number two Aryna Sabalenka and number four Elena Rybakina will open their 2024 seasons at the Brisbane ...
See Details:
Tennis-Sabalenka, Rybakina to open new season in Brisbane
-
-
A view of the under-construction Barapullah flyover near Mayur Vihar on Monday. Work on the third and last phase of the much-delayed Barapullah flyover project will be completed in one year, officials in the Public Works Department said, a week after the lieutenant governor (LG) approved the land transfer for ...
See Details:
Delayed Barapullah work yet to begin despite land transfer
-
Army called in to help in tunnel rescue operation Vertical drilling also starts as part of ‘Plan B’SILKYARA: Personnel from Madras Sappers regiment of the Army’s Corps of Engineers were pressed into service on Sunday to clear the escape passage in the Silkyara tunnel where blades of the auger drilling ...
See Details:
Army called in to help in tunnel rescue operation
-
-
-
-
On October 19, the training institute’s Tecnam P2008JC (single engine) aircraft VT-RBC took off from runway 11 at Baramati with sole occupant on board. The Baramati Taluka Police have lodged a first information report (FIR) against flying training school Redbird Flight Training Academy on Monday, officials said. The Directorate General ...
See Details:
The Judge behind China's financial reckoning
-
-
-
On October 19, the training institute’s Tecnam P2008JC (single engine) aircraft VT-RBC took off from runway 11 at Baramati with sole occupant on board. The Baramati Taluka Police have lodged a first information report (FIR) against flying training school Redbird Flight Training Academy on Monday, officials said. The Directorate General ...
See Details:
'Gurdwaras are...': US Sikh body on Indian envoy's heckling by Khalistani backers
OTHER NEWS
In a greeting from 10 Downing Street on the occasion of Guru Nanak Jayanti, British Prime Minister Rishi Sunak mentioned his Punjabi Indian origin, news agency PTI reported. The 43-year-old ...
Read more »
This report is the second of a three-part series on recent Indian engagement in the Latin American and Caribbean (LAC) region. New Delhi: The US’ decision last month to ease ...
Read more »
Rajshri Deshpande dedicates OTT award to innocent lives lost in Gaza, Palestine Actor and social worker Rajshri Deshpande won the Best Actor, Series (Female) award for Netflix’s ‘Trial By Fire’. ...
Read more »
‘Ramchandra Keh Gaye…’: From Jan 1, RSS to Spread Word of God, Ayodhya Inauguration Among 10 Crore People In its effort to take the Ram Janmabhoomi message to households across ...
Read more »
Ace designer Rohit Bal critical, on ventilator: report Celebrated fashion designer Rohit Bal is in critical condition and is on ventilator support, HT City reported, quoting sources. He has been ...
Read more »
Bengaluru: Traffic Advisory Issued, Parking Restrictions In Place As Samyukta Horata Samiti Holds Protest | Details The Bengaluru Traffic Police has issued a traffic advisory for November 27 and 28 ...
Read more »
vistara flights diverted due to air congestion at delhi airport | details Delhi: Two Vistara flight has been diverted to Lucknow and Jaipur due to bad weather and air congestion ...
Read more »