• Lenders seek Andhra govt help in saving Rs 10,500-cr power plant

    The Andhra Pradesh government may come to the rescue of the 12 lenders of the Rs 10,500-crore under-construction 1,320 MW power project at Kakarapalli village in the state’s Srikakulam district, according to a source. Power Finance Corp leads the list of 12 lenders, 11 of them public sector undertakings. Besides PFC, the list of lenders to the project includes State Bank of India , Punjab National Bank , Bank of Baroda , Corporation Bank and Federal Bank , among others. The total debt of the project, being developed by East Coast Energy, is Rs 8,700 crores. The total cost of Rs. 10,500 crore is for phase-I of the project, the phase-II too being of the same size in capacity and as of now only existing on paper. East Coast is promoted by a consortium of companies. “We have already met officials of the Andhra government and the due diligence is on. The response of the state officials has till now been positive,” an official with one of the lenders told Moneycontrol. So far, Rs 2,969 crores have been disbursed in loans. This comprises both fund-based and non-fund based lending. Similarly, Rs 836 crore have been infused in equity. PFC has so far disbursed Rs 1,055 crore to the project, SBI Rs 594 crore, PNB 264 crores and BoB Rs 310 crore. The successful completion of the project is not only crucial for the lenders but also PTC India and its subsidiary PTC Financial Services in which it has a 60 percent stake. PTC India Financial Services holds 8.09 percent stake in East Coast Energy while its parent PTC India has a 20 percent stake in Athena Energy Ventures, one of the promoter companies of East Coast with a 25.93 percent stake in the special purpose vehicle. Athena is promoted by KV Vijayakumar and some high networth individuals from India and abroad. This includes promoters of Karvy group. Besides PTC India Financial and Athena Energy Ventures, Singapore-based Asian Genco Pte, Indus Clean Energy Fund, Navayuga Engineering Company and Abir Infrastructure are the other promoters of East Coast Energy. PTC India Financial had invested Rs 133 crore for its 8.09 percent stake in East Coast as on March 31, 2016. Similarly, PTC India had brought in Rs 85 crore as equity in the special purpose vehicle. Kevin Durant Womens Jersey

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