M&A

M&A

Punjab govt pays banks Rs.1,426-Cr to complete the takeover of GVK Power facility

Economic Times  

The Punjab government has completed the payment of INR 1,426 crore to banks led by IDBI to complete the takeover of the debt laden 540 MW GVK Power's Goindwal Sahib thermal power plant.The money was distributed to banks and equates to a recovery of 43% of their principal dues including some pass through payments which were stuck due to litigation between the plant owners and the government.IDBI Bank is the largest beneficiary from this account receiving INR 306 crore, followed by Punjab National Bank (PNB) which received INR 165 crore. Union Bank of India and Axis Bank are the other top lenders to the account.