Debt

Debt financing

Lenders pick Vedanta's Rs.2,800-Cr offer for Lanco's Chhattisgarh power unit

Economic Times  

Lenders have selected Vedanta's offer of INR 2,800 crore for a financially-stressed Lanco power unit, to put to a vote after its offer was declared higher than that of rival bidder iLabs Group. Vedanta and iLabs Group were the only two bidders under the Insolvency and Bankruptcy Code (IBC) provisions for the stressed thermal power company Lanco Amarkantak that owns two operating power plants in Chhattisgarh and four that are under construction. A consortium of 14 banks and financial institutions are owed INR 14,000 crore by the stressed power company. They include Axis Bank, LIC, Edelweiss ARC, Power Finance Corporation, Canara Bank and Punjab National Bank.