GMR Power and Urban Infra Ltd extends corporate guarantee to IREDA for 3 SPVs

GMR Power and Urban Infra Limited ("Company") is extending Corporate Guarantee in favour of Indian Renewable Energy Development Agency Limited ('IREDA'), for issuing counter guarantee in favour of a scheduled commercial bank, for the benefit of three SPVs of GMR Smart Electricity Distribution Private Limited (GSEDPL), wholly owned subsidiary of the Company for ~ Rs. 228 crore.

On the basis of the counter guarantee issued by IREDA, a scheduled commercial bank will issue three Performance Bank Guarantees (PBGs) with aggregate value of equivalent amount in favour of UP DISCOMs, required to be submitted towards the implementation of smart metering project.

Source : Equity Bulls

Keywords

GMRPowerandUrbanInfra CorporateGuarantee IREDA CounterGuarantee SPVs GMRSmartElectricityDistribution