GMR sells Chhatisgarh plant to Adani Power in order to pare debt

Deal is part of a debt resolution plan approved by GMR's lenders; The power plant subsidiary ran into financial trouble owing to absence of a long-term PPA

GMR Infrastructure has entered into an agreement with Adani Power to sell its stake in its Chattisgarh power plant, the company said on Thursday. The deal will help the group further deleverage its balance sheet.

“GMR Infrastructure wishes to announce the signing of a definitive share purchase agreement with Adani Power for the sale of the entire stake of 47.62 per cent in GMR Chhattisgarh Energy, held by its wholly-owned subsidiary GMR Generation Assets,” the company said in a statement on Thursday. The deal is part of a debt resolution plan (RP), approved by lenders. 

Lenders to GMR Chhattisgarh Energy