GMR Warora Energy signs pact with lenders to recast Rs 3,000 cr loans

GMR Warora Energy Ltd has signed a debt restructuring agreement with a group of lenders led by State Bank of India and Axis Bank, for loans over Rs 3,000 crore. The ailing power company is owned by BSE-listed GMR Power and Urban Infra Ltd (GPUIL).

Loans would be repaid progressively over 15 years, giving the company additional time of about seven years to extinguish the liability, GPUIL informed BSE.

Lenders that signed the inter-creditor agreement have approved the Resolution Plan, which came into effect on April 1, 2021. The agreement was hammered out under the Reserve Bank of India’s