One of India’s top coal resource and power generation companies, Reliance Power Limited, is a unit of the Reliance Group. With an operating portfolio of 5,945 megawatts, it has one of the largest private sector portfolios of power projects based on coal, gas, hydro, and renewable energy.
Reliance Power and its subsidiary signed an agreement with Varde Partners in order to borrow up to 1,200 crores of dollars (around USD 150 million).
“RPL and its subsidiary entered into an indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt up to ~ ₹1,2crores (US$ 150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by RPL,” Reliance Power Ltd said in a regulatory filing.
“The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations,” the filing said.
The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed, it added.
Leading international alternative investment company Varde Partners specializes in credit and credit-related assets. According to its website, Varde presently oversees assets worth over USD 13 billion with teams in North America, Europe, and the Asia Pacific region.
