lanco Infratech on Tuesday said it plans to raise Rs 5,000 crore by selling power projects having total generation capacity of 3,000 MW, amid lenders looking at ways to improve the group’s financial position.
“lanco plans to sell 3,000 MW assets to raise Rs 5,000 crore cash and to reduce the additional debt of Rs 15,000 crore. Since last one year, we have been working on each of the project to settle the issues and bring back viability,” a company statement said.
Recently, lanco Infratech entered into a pact to sell its 1,200 MW Udupi thermal plant to Adani Power in a deal worth over Rs 6,000 crore. From the sale of its Udupi plant, the group expects to see a net cash inflow of Rs 925 crore after adjustments. The diversified group, with interests in power and EPC segments, has an aggregate outstanding debt of about Rs 49,000 crore from around 47 lenders.