Lanco Group has approached lenders for restructuring of Rs 1000 Crs debt of two of it gas based power projects in Andhra Pradesh and to reschedule the repayment till January 2018. It has also sought similar reprieve from lenders for some of its power plants under Reserve Bank of India's 5/25 formula.
Lanco Kondapalli Power Limited (LKPL), Lanco Group company, operates three gas based power projects in Andhra Pradesh. Of this, two plants, Unit-II and III, are not able to operate due to lack of gas supplies from KG-Basin. Unit-III is yet to declare Commercial Operation Date.
Between these two units the debt is around Rs 2400 Crs for a capacity of 1100 MW.
The Group is also in the process of approaching lenders to rescheduling of loans of some of its power plants under the Reserve Bank's 5/25 Rule.
This rule enables a bank to extend loans to an infra developer for 25 years with an option to rewrite or reset the terms of the loan or transfer it to another bank or financial institution after five years.
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