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GMR Infra subsidiary pursues power discoms for early recovery of dues

GWEL is a subsidiary of GMR Energy Ltd (GEL) and a step-down subsidiary of GMR Infrastructure Ltd (GIL)

Press Trust of India  |  New Delhi 

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Infrastructure Ltd (GIL) Tuesday said its step-down subsidiary Warora Ltd (GWEL) is pursuing power distribution for early recovery of dues to regularise its overdue position with lenders.

"Discoms (power distribution companies) have been delaying the payment of normal and regulatory dues to GWEL against supplied by GWEL in terms of the power purchase agreements," GIL said in a BSE filing.

Owing to theses major accumulation of receivables from discoms (with total receivables exceeding five months of turnover), there is a temporary delay in servicing of debt obligations, it added.

The filing noted that although the entire power sector is facing the problem of delayed recovery of dues from discoms, GWEL has been regular in servicing its debt obligations since April 2017, including repayment of quarterly principal instalments which commenced in June 2016.

GWEL is a subsidiary of Ltd (GEL) and a step-down subsidiary of GMR Infrastructure Ltd (GIL).

"GWEL is working towards regularising the account at an early date. GWEL is pursuing with DISCOMS for early recovery of dues so that that the overdue position to the lenders can be regularized which we hope to be doing at the earliest," the filing said.

First Published: Tue, June 04 2019. 22:30 IST
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