According to reports, state-run Power Finance Corp has restructured loans worth over Rs 900 crore extended to wind turbine maker Suzlon Energy.
PFC’s loan assets book rose to Rs 1,60,367 crore in the last financial year.
According to the leading power sector lender, loans to the tune of Rs 993 crore were disbursed to Suzlon.
“… Some of it has been repaid up to March 2013, therefore, as of now Rs 914 crore is outstanding,” PFC Chairman and Managing Director Satnam Singh recently told investors.
As of March this year, the loans given to Suzlon were not classified as Non Performing Asset (NPA).
“We have lent it (loans) for their capital equipment manufacturing plant. So therefore, we said we don’t want to be part of that, but since the company is facing some difficulty in servicing, we have also restructured that loan in the last Board meeting,” Singh is quoted as saying in the transcript of company’s investors conference held on May 31.
Going through tough business conditions, Suzlon Group’s Wind turbine maker Suzlon Group’s net loss widened to Rs 4,723.96 crore in the last fiscal from Rs 478.58 crore recorded in 2011-12 period.
In the last financial year, the company’s total income fell to Rs 18,913.53 crore.
During 2012-13 fiscal, Suzlon had the USD 1.8-billion corporate debt restructuring (CDR) programme.