Reliance Power along with its subsidiary entered into a Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore (around USD 150 million).
Varde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Varde currently manages over USD 13 billion in assets with teams in North America, Europe, and the Asia Pacific focused, its website showed.
This proposed debt will be used for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by the Reliance firm, it said in a regulatory filing to the exchanges on Monday morning.
“The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations,” the filing said.
The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed, it added. Reliance Group is one of India’s leading private sector power generation and coal resources firms.
It has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.