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Axis Bank-led group of lenders approves Adani Power's bid for GMR Ch'garh

GMR's 1,370 Mw project, which has an outstanding debt of over Rs 5,800 crore, ran into trouble due to the absence of a long-term PPA, though it had a short-term agreement with Gujarat

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Lenders to GMR Chhattisgarh Energy have approved the bid by Adani Power, according to source, which said that the Axis Bank-led consortium of lenders has issued Letter of Intent (LoI) to the bidder. GMR Chhattisgarh Energy's 1,370 Mw project, which has an outstanding debt of over Rs 5,800 crore, ran into trouble due to the absence of a long-term power purchase agreement (PPA), though it had a short-term agreement with Gujarat. At the group level, GMR would see reduction in debt exposure of equivalent quantum. This would be the third project to be resolved outside the ...