India Stressed Asset Revival: Ind Barath's Jharsuguda Thermal Power Plant

Last Modified: Sat May 30 2020 07:15:48 GMT+0530 (India Standard Time)
  • 700 MW
    Generation capacity of Ind Barath's Jharsuguda Thermal Power Plant (Phase I) located in Sahajbahal village of Jharsuguda district in the state of Odisha. 350 MW Unit 1 was commissioned on Feb 2016, while 350 MW Unit 2 is yet to be commissioned. As per the MoU signed with the state govt of Odisha, the plant was to be commissioned in Sep 2012.
  • 700 MW
    Capacity for which the project has a power purchase agreement (PPA) with state governments of Odisha and Tamil Nadu.
  • 1.2 million tonnes
    Coal linkage secured from Mahanadi Coal Limited (MCL) in 2010.
  • Rs. 3,046 crore
    Amount due to project lenders.
  • Jun 2018
    Bank of Baroda and Australia-based asset manager Macquarie Group drags Ind Barath Energy Utkal Ltd (IBEUL to the National Company Law Tribunal (NCLT) owing to a delay in commissioning of the project. In 2015, Macquarie had lent Rs 750 crore to IBEUL against convertible bonds. Two years later, Macquarie is believed to have converted the debt instrument into equity, thus acquiring a majority ownership, currently at 99%.
  • Rs. 700 crore
    Price offered by JSW Energy and Vedanta for a full buy out of the project. NLC India Ltd had also evinced interest in the asset in 2017.
  • Rs 845 crore
    JSW Energy increases it offer in Jul 2019. On October 6, Vedanta announced its decision to withdraw its resolution plan on 06 Oct 2019.
  • 14 Oct 2019
    Committee of Creditors overseeing the insolvency resolution of approves a resolution plan submitted by the JSW Energy. The closure of the transaction shall be subject to the receipt of necessary regulatory approvals including from the National Company Law Tribunal.