Goldman, Varde Lead $922 Million RattanIndia Power Debt Recast

A consortium led by Goldman Sachs Group Inc. and Varde Partners LP will buy 65.75 billion rupees ($922 million) of debt from an Indian power company at a 38% discount, in one of the largest restructuring deals outside the nation’s bankruptcy court.

Creditors of RattanIndia Power Ltd. will sell the debt via an asset reconstruction company controlled by the Aditya Birla Group, RattanIndia said in a filing late Monday. Creditors include State Bank of India and Power Finance Corp.

The deal is one of the biggest under revised rules issued by the Reserve Bank of India in June, after ...