Generation capacity ( 2 units of 600 MW each) of Essar Power's Mahan Power Plant in Singrauli, Madhya Pradesh.
Capacity for which the developer has a power purchase agreement with Essar Steel (a group company), which itself is undergoing insolvency resolution process.
Capacity for which the developer is looking to sign medium-to-long term power purchase pacts.
Rs. 717 crore
The initial cost for setting up the project which was funded through a debt-equity ratio of 75:25, but has seen several cost overruns and delays during construction. According to Prashant Ruia, Director-Essar Group, cancellation of the coal mine assigned to the plant had severely affected the Mahan project and led to project delays and cost overruns, leading the company to double equity investment to Rs 3,300 crore to ensure the project is completed.
Rs 6,600 crore
Amount due to various lenders. Rs 1,600 crore is due to to ICICI Bank, over Rs 1,300 crore each to PFC and REC, while the rest is due to Punjab National Bank, IDFC and other lenders.
Essar Power reportedly approaches the ICICI Bank-led consortium for a strategic restructuring of the Rs 6,600 crore debt of Mahan power project.
10 Oct 2018
Essar announces commissioning of 2nd 600 MW unit completing overall Rs 8,000 crore investment in the flagship project. Both units are now operational and are supported by raw material sourcing and evacuation infrastructure. coal for the project will be transported with the help of the Gajra Behra railway siding capable of handling up to 3 rakes per day.
Rs. 3,500 crore
Essar Group’s one time settlement offer made to lenders.
Rs. 4,800 crore
Steel giant ArcelorMittal’s resolution offer made on 19 Feb 2019.