Lenders accept Rs.2,500-Cr offer from Jindal family faction to settle dues of power firm

A Jindal family faction has saved their power company from going into bankruptcy after banks accepted their offer of INR 2,500 crore to settle the company's dues under the Reserve Bank of India's one-time settlement scheme (OTS). The family of BC Jindal, whose nephews Naveen and Sajjan control JSPL and JSW, respectively, had made an offer to restructure the debt of their company Jindal India Thermal Power to bankers. The company has a debt of INR 7,900 crore and owns 1,200 megawatts of thermal power generation facilities in Odisha. The 17-member bankers consortium includes public sector and private sector banks. All of them have signed off on the OTS.