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Lenders seek cost to complete project for Visa Power

Visa Power's lenders are evaluating the cost of completing an unfinished project as part of the company's insolvency resolution process, two people familiar with the matter said. Banks expect the project, an independent power plant, to help fetch a better valuation for the company once it is completed. Mott MacDonald, a UK-based engineering, management and development consultancy, has been engaged to find the 'cost to complete' the company's coal-based power plant at Korba in Chhattisgarh. The exercise is expected to run simultaneously with the insolvency resolution process and may not lead to a delay in inviting bids for Visa Power. Punjab National Bank is primarily negotiating with the consultant, which is expected to submit its report wi.....

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