The Anil Ambani-led power company, has made a higher offer to lenders for Vidarbha Industries Power, its debt-laden subsidiary. The new offer is for Rs 1,260 crore, which is higher than the previous offer of Rs 1,150 crore.
The higher offer is being supported by Varde Partners, a global investment firm. Varde Partners has already invested Rs 550 crore in Reliance Infrastructure, and is now looking to invest further in the company.
The higher offer is seen as a positive development for Reliance Power and Vidarbha Industries. It shows that there is still interest in the company, and that it may be able to emerge from its financial troubles.
Vidarbha Industries Power is a 2,400 MW thermal power plant located in Maharashtra. The plant was built in 2009, but it has been struggling financially since its inception. The plant has been unable to generate enough revenue to cover its operating costs, and it has accumulated a debt of over Rs 10,000 crore.
In 2017, Reliance Power took over Vidarbha Industries Power in a debt-to-equity swap deal. However, the company has been unable to turn around the fortunes of the plant. In 2022, Reliance Power announced that it was looking to sell Vidarbha Industries Power to a strategic investor.
The higher offer from Reliance Power is a significant improvement over the previous offer. It shows that the company is committed to finding a solution for Vidarbha Industries Power. The offer is also supported by Varde Partners, which is a well-respected investment firm.
The higher offer is likely to be welcomed by the lenders of Vidarbha Industries Power. The lenders have been waiting for a long time for a resolution to the company’s financial problems. The higher offer gives them a better chance of recovering their money.
The next step is for the lenders to consider the higher offer from Reliance Power. The lenders are likely to take some time to review the offer, and they may also seek additional information from Reliance Power. Once the lenders have considered the offer, they will make a decision on whether to accept it.
If the lenders accept the offer, it will be a major step forward for Vidarbha Industries Power. The company will be able to exit its financial troubles, and it will have a new owner that is committed to its success.
The higher offer from Reliance Power is a positive development for Vidarbha Industries Power. It shows that there is still interest in the company, and that it may be able to emerge from its financial troubles. The next step is for the lenders to consider the offer, and if they accept it, it will be a major step forward for the company.