M&A

M&A

Norway's Statkraft submits debt resolution plan for Lanco unit

Economic Times  

Europe's largest renewable energy company Statkraft has submitted a resolution plan for Lanco Mandakini Hydro Energy which is undergoing bankruptcy proceedings at the National Company Law Tribunal (NCLT). An Axis Bank-led group of creditors is trying to recover loans of INR 1,300 crore that they had disbursed to Lanco Mandakini Hydro Energy. They have unanimously approved Statkraft's debt resolution plan. The Lanco unit owns an unfinished hydropower plant near the pilgrim town of Kedarnath in Uttarakhand.