RPower and subsidiary to raise up to Rs1,200 crore from Varde Partners

6 Sep 2022 , 07:50 AM

With Varde Partners, Reliance Power and a subsidiary have signed a contract to receive up to Rs1,200 crore in debt.

Reliance Power revealed in a regulatory filing that it had entered into an indicative Memorandum of Understanding (MoU) with Varde Partners to borrow up to Rs 1,200 crore (USD 150 million) “for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by Reliance Power.”

Varde Partners, a renowned global alternative investment firm, concentrates on credit and assets having a credit component. The statement further added that prior to the loan being drawn down, all required authorizations, including regulatory approvals in compliance with applicable rules, laws, and regulations, must be acquired.

Following the completion of the proposed financing’s terms and the execution of the final papers related to the proposed financing, it was further stated that the stock exchanges will be updated. Leading private sector power generating and coal resources firm Reliance Power Ltd. is a member of the Reliance Group. 

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