SBI in Talks to Down-sell Part Loan for Adani’s Lanco Acquisition

30 Dec 2024 CW Team

State Bank of India (SBI), India’s largest government-owned bank, is negotiating with peer banks to down-sell a portion of an INR 1,800-crore loan it extended to Adani Power for acquiring Lanco Amarkantak Power, a 600 MW thermal power plant. Sources familiar with the matter said the loan was given under a 12-year term, with an interest rate of around 10.5%.

The bank is looking to sell INR 1,200 crore of the loan to other lenders. SBI and Adani Group declined to comment on the matter.

In 2023, Adani Power acquired Lanco Amarkantak Power for INR 4,101 crore under the corporate insolvency resolution process. The first phase, consisting of two 300 MW units, has been operational since the company entered insolvency proceedings. The second phase, under construction, will add another 1,200 MW capacity. Adani Power repaid a significant portion of the debt using the plant’s cash flow and additional funds raised from internal sources.

Adani’s acquisitions in the thermal power sector also included Coastal Energen, which was purchased for INR 3,440 crore earlier this year.

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