Ambani, Adani get ready to face off again for a power plant

Reliance Industries, Adani Power, Torrent Power, Vedanta and Jindal Power are among 14 companies that have shown interest in acquiring Gujarat-based Bhadreshwar Vidyut, which is undergoing insolvency. This is the third bankrupt power producer for which two of the country’s largest corporate houses – Reliance Industries and the Adani Group – have shown interest. They had earlier offered resolution plans for SKS Power and Lanco Amarkantak Power, but both conglomerates did not aggressively pursue the bids.. Resolutions of both SKS Power and Lanco Amarkantak are yet to be concluded. Both Reliance and the Adani Group had also submitted expressions of interest for Future Retail, which was admitted for insolvency last year.

Adani gets more time to repay loans for ACC, Ambuja

The Adani group is believed to have got an extension of 12-18 months for the repayment of the bank loans taken by it to fund its acquisition of ACC and Ambuja Cements, which it acquired last year for $6.5 billion. Around August-September last year the company had borrowed $5.25 billion from 14 global banks to finance the acquisition of the two cement companies by buying out Holcim’s stake. The bulk of the loans amounting close to $4 billion had a repayment period of 18-24 months and were due in 2024. Sources indicated that repayments were now due in 2025-26. A shorter tenure component of $1.45 billion, were bridge loans. They have been repaid in three tranches – $750 million earlier, $500 million in March, and more recently $200 million as a prepayment.

To know more about corporate update and markets, go to ..