India Stressed Asset Revival: GVK Energy's Goindwal Saheb Thermal Power Plant

Last Modified: Wed May 06 2020 03:00:30 GMT+0530 (India Standard Time)
  • 540 MW
    Generation capacity of GVK Energy's Goindwal Saheb Thermal Power Plant located near Goindwal Sahib village, District Tarn Taran in the state of Punjab. 270 MW Unit 1 was commissioned on 01 Apr 2016, while 270 MW Unit 2 was commissioned on 14 Apr 2016.
  • 540 MW
    Capacity for which the project has a power purchase agreement (PPA) with Punjab State Power Corporation Limited (PSPCL) for 25 years.
  • 1.7 million tonnes
    Coal linkage secured from CCL and 6300 MT from SCEL in Feb 2018 via the Scheme for Harnessing and Allocating Koyala Transparently in India (SHAKTI) scheme. The Tokisud coal mine in Jharkhand secured by it was cancelled after a Supreme Court ruling in 2014.
  • Rs. 3,523 crore
    Amount due to a consortium of 13 lenders. The project’s lead lender IDBI Bank Ltd moved the National Company Law Tribunal (NCLT) in Sep 2018. Case is yet to be admitted.
  • Sep 2019
    GVK initiates talks with Deutsche Bank to swap debt with existing lenders. If the deal goes through, Deutsche Bank will replace the banks as lender to the power plant. The German investment bank will have fresh terms of loan repayment with the GVK company once it clears the loans. There will be no change in the equity shareholding of the company.
  • Jan 2020
    Deutsche Bank AG offers to pay Rs. 1,150 crore ($162 million) for Rs. 3,900 crore of loans, excluding accrued interest, which would mean nearly 70% 'haircut' for existing lenders.