Murugappa Group signs agreement for settling CG Power's dues, loan recast

Says CG Power's resolution of outstanding obligation towards its lenders has been completed by upfront payment of Rs 650 crore to lenders as compromise settlement

CG power's promoter Murugappa Group has signed a definitive agreement for settlement of lender dues and restructuring.

On November 21, TII informed the stock exchanges about the execution of requisite binding agreements, including Master Implementation-Cum-Compromise Settlement Agreement (Agreement) dated November 20, by CG Power, the Company and the lenders of CG Power, for one-time settlement and restructuring of funded facilities and guaranteed debt of CG Power. 

TII informed the BSE today that pursuant to the terms and conditions of the agreement, CG Power's resolution of