RattanIndia Power Ltd. has raised a loan of Rs. 1,114 Crores in a transaction led by Kotak Mahindra Bank. The thermal power company had earlier concluded a resolution with erstwhile lenders for 1,350 MW Amravati Thermal Power Plant in December 2019, whereby the loans from Indian banks and financial institutions were taken over by international financial institutions including Goldman Sachs and Varde Partners through Aditya Birla ARC along with 15 percent equity stake each to both sets of lenders (outgoing and incoming).

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Since December 2019, RattanIndia Power Ltd. has repaid an amount of Rs. 3,371 Crores over last three and a half years to these international financial institutions, out of which Rs. 988 Crores was prepayment.

RattanIndia Power Ltd. has raised fresh loan of Rs. 1,114 Crores in a transaction led by Kotak Mahindra Bank and has fully repaid the balance senior debt to these foreign financial institutions.

In recent developments, a Kotak Mahindra Bank arm on June 23 said it invested Rs 732 crore in the non-convertible debentures (NCDs) of RattanIndia Power Ltd (RIPL).

RattanIndia Power is one of the few private sector thermal power generators supplying power to Maharashtra State Electricity Distribution Company.

Company’s operational performance remains strong with average EBITDA exceeding Rs 1,000 Crores per annum since commissioning over the last 8 years. 1,350 MW Amravati Power Plant has full PPA with Maharashtra discom MSEDCL and full coal linkage with Coal India subsidiary South Eastern Coalfields Ltd, the company said in a press release to the exchanges.