RIL, Adani among 24 bidders for SKS Power
POWER & RENEWABLE ENERGY

RIL, Adani among 24 bidders for SKS Power

Reliance Industries, Adani Power and NTPC are among the nearly two-dozen bidders interested in buying the bankrupt SKS Power Generation located in Chhattisgarh.

Others that have expressed interest include Torrent Power, Jindal Power, the Vedanta Group, DB Power, Sarda Energy & Minerals, Jindal India Thermal and also bad loan aggregators Aditya Birla ARC, Phoenix ARC and Prudent ARC.

SKS Power Generation is undergoing a corporate insolvency and resolution process (CIRP) since April 2022 and owes two lenders led by Bank of Baroda (BoB) a total of Rs 1,890 crore. BoB has the lion's share of the debt with Rs 1,740 crore of secured loans while State Bank of India (SBI) is the other creditor with Rs 150 crore of dues.

"The expressions of interest (EOI) have come from different groups indicating the demand for the asset. This is an operational plant with all coal and purchase power agreements in place, a rarity in today's times. Large industrial groups even with a power sector exposure have shown interest because a captive plant with coal linkages will reduce their power expenses," said one of the people cited above.

Also read:
Modi urges states to expedite clearing power dues


Reliance Industries, Adani Power and NTPC are among the nearly two-dozen bidders interested in buying the bankrupt SKS Power Generation located in Chhattisgarh. Others that have expressed interest include Torrent Power, Jindal Power, the Vedanta Group, DB Power, Sarda Energy & Minerals, Jindal India Thermal and also bad loan aggregators Aditya Birla ARC, Phoenix ARC and Prudent ARC. SKS Power Generation is undergoing a corporate insolvency and resolution process (CIRP) since April 2022 and owes two lenders led by Bank of Baroda (BoB) a total of Rs 1,890 crore. BoB has the lion's share of the debt with Rs 1,740 crore of secured loans while State Bank of India (SBI) is the other creditor with Rs 150 crore of dues. The expressions of interest (EOI) have come from different groups indicating the demand for the asset. This is an operational plant with all coal and purchase power agreements in place, a rarity in today's times. Large industrial groups even with a power sector exposure have shown interest because a captive plant with coal linkages will reduce their power expenses, said one of the people cited above.Also read: Modi urges states to expedite clearing power dues

Next Story
Infrastructure Energy

TKIL, KIS Partner to Boost Biogas in Clean Energy Push

In a strategic move to diversify its operations and support India’s clean energy goals, TKIL Industries (formerly thyssenkrupp Industries India) has entered the bio-chemicals sector through a new partnership with KIS Group, a global leader in sustainable biofuel technologies. The collaboration focuses on boosting Compressed Biogas (CBG) production using advanced technology and localized biomass resources. This association marks a significant step for TKIL Industries as it expands into the renewable energy space. By leveraging KIS Group’s expertise and proprietary technologies, the company..

Next Story
Real Estate

Noida & Jewar Set for Sharp Rise in Property Costs

Noida and Jewar may oversee significant price hikes for properties. This is due to a recent proposal from Gautam Buddha Nagar which outlines plans to increase circle rates, the minimum price at which a real estate property can be sold to a buyer as determined by the government, in both cities. This increase in circle rates would lead to an increase in the stamp duties a homebuyer would have to pay. Under the proposal, high-rise apartments in Noida may see a 20 per cent increase, while Greater Noida is set for a 30 per cent hike. The most substantial rise is expected in agricultural land pric..

Next Story
Infrastructure Urban

KPIL Bags Rs 6.21 Bn Orders Across Railways and Infra

Kalpataru Projects International Limited (KPIL) has announced the acquisition of new orders worth approximately Rs 6.21 billion across its Buildings & Factories (B&F) and Railway businesses in India. This development comes as a significant addition to the company's growing list of orders, underlining its strong presence in India’s infrastructure sector. Speaking on the milestone, Manish Mohnot, Managing Director & CEO of KPIL, expressed optimism about the company’s continued momentum. “We are delighted with the order wins in our B&F and Railways business. These wins will help us further..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?