RattanIndia Power is a baseload electricity factory for India’s largest state economy - it burns coal, spins turbines, and feeds power into the Maharashtra grid under a contract that has run for over a decade. The company was born in 2007 when it won a competitive bid to supply the state’s distribution company, built a 1,350 MW plant at Amravati by 2015, and then nearly collapsed under debt before a landmark 2019 restructuring brought in marquee foreign funds led by Goldman Sachs and Varde Partners without changing management. Everything the business does flows from a single recurring logic: lock in a long-term fuel supply, run the plant at high availability to earn fixed capacity charges, and sell every extra unit of power into the open market - a machine designed to convert coal into predictable cash flows. # Business segments A single-engine thermal power business with one operating plant, one mothballed sister project, and no other revenue streams - the company stands entirely on its Amravati power station. ## 1. Amravati thermal power: a baseload supplier to Maharashtra on a 25-year contract **The plant earns money in three ways - fixed capacity charges just for being available, energy charges for the power it delivers under a long-term state contract, and spot sales of surplus electricity on the exchange.** - **Paid for availability, not just output** - under its 25-year Power Purchase Agreement with Maharashtra’s state distribution company (MSEDCL), the plant recovers fixed capacity charges even when demand is low, so long as it stays ready to run; in FY25 it hit 82.12% availability, locking in those payments. - **Coal costs are locked in** - a long-term Fuel Supply Agreement with Coal India’s South Eastern Coalfields arm covers the entire 6.10 million tonnes per year the plant needs at normative load, insulating it from the price swings that hit generators who buy coal at auction. - **Surplus power gets a second life** - up to 28 MW of uncontracted capacity is sold on the Indian Energy Exchange through open access, generating supplementary revenue; in FY25 that meant 29.46 million units sold outside the PPA. - **Regulatory wins unlock lumpy cash** - disputes over coal-cost pass-through and tax changes have been decided in the company’s favour by the Supreme Court and appellate tribunal, producing one-time recoveries from MSEDCL that supplement the regular tariff stream. - **The plant runs on veteran hands** - the senior team includes ex-NTPC and BHEL executives who manage everything from boiler efficiency to regulatory filings, and the plant itself was built with equipment from Siemens, Alstom, L&T and BHEL. # Group structure and partners **The listed company holds one operating plant directly and carries a fully built but idle sister project inside a stressed subsidiary, while its capital structure reflects the 2019 rescue by foreign funds.** - **Amravati sits on the parent’s books** - the 1,350 MW operating plant is not in a subsidiary; it is owned and run directly by RattanIndia Power Limited, which also holds the 25-year PPA with MSEDCL. - **Sinnar is the stranded twin** - Sinnar Thermal Power Limited, a wholly-owned subsidiary, houses a second 1,350 MW plant that was commissioned in June 2017 but has never generated a single commercial unit because it lacks a signed power offtake agreement; it has a letter of intent from MSEDCL for 507 MW and is being preserved while the company negotiates with lenders and the government. - **The 2019 restructuring reshaped the ownership** - when the original 12-bank consortium led by PFC and SBI sold ₹6,574 Crores of principal debt to Goldman Sachs, Varde Partners and five other funds via Aditya Birla ARC for ₹4,050 Crores, both the Indian banks and the incoming investors each received 15% equity, making foreign funds significant stakeholders without triggering a management change. - **The debt was largely paid down and refinanced** - between 2020 and mid-2023 the company repaid more than ₹3,500 crore of principal and interest to the Varde-led group, then refinanced the remaining balance with a roughly ₹1,125 crore loan from Kotak Bank in June 2023, cleaning up the post-restructuring stack. - **Legacy subsidiaries have been wound down** - three Cyprus-incorporated entities with nil revenue were dissolved in March 2024, and two Indian subsidiaries were struck off earlier, leaving the group with a lean structure of the parent, the Sinnar SPV, and one other wholly-owned subsidiary that does not participate in the operating business.