{"id":121559,"date":"2019-06-06T04:10:20","date_gmt":"2019-06-06T04:10:20","guid":{"rendered":"https:\/\/www.bnreport.com\/goldman-sachs-and-ssg-in-talks-to-buy-rattanindia-bad-loans\/"},"modified":"2019-06-06T04:10:20","modified_gmt":"2019-06-06T04:10:20","slug":"goldman-sachs-and-ssg-in-talks-to-buy-rattanindia-bad-loans","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/goldman-sachs-and-ssg-in-talks-to-buy-rattanindia-bad-loans\/","title":{"rendered":"Goldman Sachs and SSG in talks to buy RattanIndia bad loans"},"content":{"rendered":"

MUMBAI: Goldman Sachs<\/a> Group Inc and Asian distressed credit specialist SSG Capital Management<\/a> are in separate talks to buy about Rs 2,500-3,500 crore worth of bad loans at RattanIndia Power<\/a>, where lenders are planning to sell a part of their exposure to the debt-laden energy firm in the current round of negotiations.<\/p>\n

In September last year, state-run Power Finance Corp (PFC) filed an insolvency plea against Rattan India Power, formerly known as Indiabulls Power, to recover unpaid dues. The company has defaulted on about Rs 20,000 crore of loans. Besides PFC, lenders to Rattan India include State Bank of India<\/a>, Bank of India, Axis Bank<\/a>, Bank of Baroda<\/a>, and IDBI Bank<\/a>.<\/p>\n

There are other contenders for the portfolio besides the two private-equity financiers, two finance industry executives aware of the talks told ET.<\/p>\n

\u201cWe are negotiating and hope to see some portion of the debt taken over,\u201d said one of the persons cited above. \u201cThis would be big relief to the lenders as they are struggling to find a solution for such cases in the energy space.\u201d<\/p>\n

Goldman Sachs, SSG and RattanIndia Power didnt respond to ETs mailed queries until the publication of this report.<\/p>\n

RattanIndia has two under-construction thermal power plants at Nashik and Amravati in Maharashtra.<\/p>\n

Financing of power assets and recovery of loans stuck in these projects have become rather challenging after the Supreme Court struck down a crucial central bank order, which had given defaulting companies 180 days to concur on a resolution plan with lenders or face bankruptcy courts for unpaid debt of at least Rs 2,000 crore.<\/p>\n

Goldman Sachs has been active of late in Indias special situations space. ET reported on May 29 that Goldman is in talks to buy up to Rs 2,000 crore exposure of the Piramal Group in real-estate firm Lodha Developers, which builds top-end properties in Mumbai and downtown London.<\/p>\n

Founded in 2009 by Edwin Wong, AndRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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MUMBAI: Goldman Sachs Group Inc and Asian distressed credit ..<\/p>\n","protected":false},"author":1,"featured_media":121560,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-121559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nGoldman Sachs and SSG in talks to buy RattanIndia bad loans - Business News Report<\/title>\n<meta name=\"description\" content=\"MUMBAI: Goldman Sachs Group Inc and Asian distressed credit ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/goldman-sachs-and-ssg-in-talks-to-buy-rattanindia-bad-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs and SSG in talks to buy RattanIndia bad loans - 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