INSUBCONTINENT EXCLUSIVE:
Mumbai: The JSW Group, Adani Group, Srei Infrastructure and the Piramal Group have submitted expressions of interest (EoIs) to take over the
1,200-MW Lanco Anpara project, raising expectations of partial recovery for lenders from the bankrupt Lanco Group that faces
liquidation.
Lanco Anpara Power, a coalfired thermal power project in Uttar Pradesh, is a performing asset and classified as standard on the
been invoked.
Lenders expect to recover at least some of their Rs 45,263 crore dues from Lanco through the sale of this operational
Some banks had taken the shares of this company as collateral for loans given to the parent Lanco Infratech
These shares have now been invoked as a result of which lenders together own 71 per cent of the company
the negotiations.
Lanco Anpara is one of the six thermal power projects the parent Lanco Infratech had parked in its wholly owned
subsidiary, Lanco Thermal Power Ltd
Not all the plants are in working condition
being liquidated and there is very little expected from the company
May be, we can get at least something out of this group through this sale
The deadline for the submission of EOIs is the end of this month
So far, we have got four bids for the company, which means investors attach some value to it
the Reserve Bank of India in 2017
Lenders led by IDBI Bank, however, could not find a buyer.
Lenders to the parent company will have first charge over the proceeds from the
sale of Lanco Anpara, with some others having a secondary or subservient charge
In other words, the proceeds of the sale will be divided among lenders to both the parent and subsidiary companies.
Lanco Anpara is a better
placed project because of its proximity to the Northern Coalfields that supply its fuel
The company has also a 29-year power purchase agreement with the UP Power Corp.