Summary:
GMR group operates a 768 MW gas-based combined cycle power plant at Rajahmundry that is still saddled with a debt of over Rs 2300 crore. "The lenders and the management are exploring various options for revival/sale of the project," GMR Infrastructure Ltd said in the filing. "Under the SDR scheme, the banks have to find a new promoter for GERL within the period as prescribed under the scheme, which expired during the quarter ended June 30, 2017. The GMR group still holds 45% stake in the project. GMR group also gave a guarantee of Rs 2738 crore to the lenders against the remaining debt.Under the SDR scheme, the lenders were to have found new promoters for GREL within the period prescribed under the scheme, which expired during the quarter ended June 30, 2017..