Banks have raised concerns about an all-cash offer made by CFM Asset Reconstruction Pvt Ltd for Vidarbha Industries Power Ltd. (VIPL), a subsidiary of Reliance Power. VIPL owns a 600 MW power generation facility in Butibori, Nagpur. Banks have demanded information from CFM about how it plans to finance the acquisition of VIPL. CFM is also being investigated by the Indian government for alleged business misconduct. Its licence to operate is also under question. CFM Asset Reconstruction made an all-cash offer of INR1,120 crore ($151m) to the lenders of VIPL.
Banks Question Viability of CFM ARC’s VIPL Bid
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