Reliance Power and its subsidiary signed a Memorandum of Understanding (MoU) with Varde Partners to borrow up to Rs 1,200 crore (around USD 150 million).
Varde Partners is a global alternative investment business that focuses on credit and credit-related assets. According to its website, Varde presently manages over USD 13 billion in assets with teams based in North America, Europe, and the Asia Pacific.
This planned debt would be used to settle and discharge, as well as acquire and restructure, certain financial debts held by Reliance, the company stated in a regulatory statement to the markets on Monday morning.
“The loan drawdown will be subject to the finalisation and execution of binding contracts, as well as all relevant approvals, including regulatory approvals as per applicable rules/ laws/ regulations,” according to the filing.
The stock exchanges will be updated after the proposed financing conditions have been finalised and the definitive paperwork relating to the proposed financing has been completed, according to the statement.
Reliance Group is a significant private sector power generating and coal resources company in India.
With an operating portfolio of 5,945 megawatts, it has one of the largest private sector portfolios of power projects based on coal, gas, hydro, and renewable energy.
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