PFS resolves stressed SKS Power Generation; unit sold to Singapore company

Due to the closure of the mentioned transaction, PFS' stressed loan portfolio has come down by Rs 341.53 crore during Q4 of FY 2019

PTC India Financial services (PFS) has achieved the resolution of its stressed loan account SKS Power Generation Ltd. The Chhattisgarh based power unit of 2X300 MW was sold to Singapore-based entity Agritrade Resources Limited which gave a one-time settlement amount of Rs 137 crore. This translates into haircut or debt provisioning of close to 55 per cent by the lenders led by SBI.

“Agritrade Resources emerged as the H1 Bidder. Lenders earlier entered into definitive agreement with the investor on 12th November 2018 and subsequently, post compliance of the condition precedents and on receipt of the OTS amounting to Rs