Adani completes Rs 6,300cr Lanco’s Udupi plant deal
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MUMBAI: Gautam Adani-led Adani Group has finally acquired Lanco Infratech's 1200 MW Udupi power plant for an enterprise value of Rs 6,300 crore — Rs 300 crore or 5% more than the deal value of Rs 6,000 crore announced in August last year.
TOI first reported on February 10 that Adani struck a new deal agreeing to value the asset 5-7% higher to accommodate additional interest accruals made by the banks. The original deal struck in August last year had run into trouble and missed deadline as lenders sought better terms to approve the transaction.
Lanco will use Rs 4,275 crore to retire its long-term debt and Rs 2,147 crore to retire its short-term debt, while consolidating Adani Power as largest private sector power producer with capacity in excess of 11,000 MW. Earlier, Adani Power was expected take Udupi Power's long-time debt of around Rs 4,000 crore and Lanco was to receive Rs 2,000 crore of additional cash.
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