Reliance Power plans to raise up to Rs 1,200 crore in long-term debt
Reliance Power and its subsidiary have signed a memorandum of understanding (MoU) with Varde Partners to borrow up to Rs 1,200 crore (about 150 million USD).
Varde Partners is a global alternative investment firm focusing on credit and credit-related assets. According to its website, Varde currently manages over $13 billion in assets with teams based in North America, Europe and Asia-Pacific.
This expected debt would be used to settle and discharge, as well as acquire and restructure, certain financial debt held by Reliance, the company said in a regulatory statement to the markets Monday morning.
“The drawdown of the loan will be subject to the finalization and execution of binding contracts, as well as all relevant approvals, including regulatory approvals in accordance with applicable rules/laws/regulations,” according to the filing.
The scholarships will be updated once the proposed funding terms have been finalized and the final documents relating to the proposed funding have been completed, according to the statement.
Reliance Group is a leading private sector coal resource and power generation company in India.
With an operating portfolio of 5,945 megawatts, it has one of the largest portfolios of private sector power projects based on coal, gas, hydropower and renewables.
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