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Gujarat NRE Coke Ltd said on Tuesday that it received the formal approval for the restructuring of its debt from the Empowered Group of Corporate Debt Restructuring Cell (CDR).
The 10-year restructured debt plan (with a two-year moratorium) also entails fresh term loan of Rs 50 crore for completing the waste heat recovery based power plants at Dharwad, Karnataka and an additional need-based working capital, aggregating Rs 370 crore.
The restructuring also takes care of funding of interest for two years and competitive pricing / interest rate, the company said in a statement.
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