GMR Power and Urban Infra Settles GREL's Rs. 2039.7 Cr. Debt for Rs. 657 Cr.

GMR Power and Urban Infra Ltd. announced a one-time settlement (OTS) proposal for its associate company, GMR Rajahmundry Energy Limited (GREL). GREL, which operates a 768 MW gas-based power plant in Andhra Pradesh, has been facing issues due to non-availability of affordable natural gas. The lenders' consortium had earlier implemented a Strategic Debt Restructuring (SDR) and later bifurcated the debt into sustainable and unsustainable portions. Despite attempts to revive the plant, GREL approached the lenders for an OTS. The consortium unanimously approved the OTS of Rs. 657 Cr. towards the full and final settlement of the entire exposure, including term loan, NCDs, CRPS, interest payable, and equity shares, and for the closure of corporate guarantees. GMR Power & Urban Infra Limited has already paid the first instalment of Rs. 165.70 Cr. on March 29, 2025, and the balance amount will be paid as per the schedule communicated and consented by the lenders.