Global funds led by Goldman Sachs and Varde Partners have bought ₹6,584 crore debt of RattanIndia Power Limited (RIPL) for ₹4,050 crore, or a discount of 38.4%, from a consortium of lenders led by Power Finance Corporation and the SBI. The debt resolution comes in the backdrop of significant sectoral challenges that the Indian power sector has been undergoing in terms of dealing with stressed and non-performing assets. The transaction also reaffirms the faith of the global investment community in the Indian economy,” said the statement. Mr. Aman Singh, CEO of RattanIndia Power said “This debt resolution has been first-of-its-kind in the stressed power space with overseas investors investing into Indian power sector. This deal will provide a template for more such foreign investments in debt in stressed assets in the infrastructure sector.

Source: The Hindu December 31, 2019 17:06 UTC