RIL, Adani Group, and NTPC bids for SKS Power
POWER & RENEWABLE ENERGY

RIL, Adani Group, and NTPC bids for SKS Power

Two lenders, Bank of Baroda and State Bank of India owe INR 18.9 billion to the Chhattisgarh-based power firm SKS Power Generation. Bids have been submitted, and are being reviewed. Before choosing the top bidder, lenders may ask bidders for further information before discussing the financial conditions of the offers. Final offers for the distressed company have been submitted by Reliance Industries, Adani Group, state-owned NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management.

Around 23 businesses expressed interest in the operating 600 MW coal-based power plant. The final bid submission date had been extended by the lenders four times after several bidders requested an extension. State-owned NTPC said that it needed more time to acquire the government's and its board's approval. Insolvency and resolution proceedings for SKS were started in April last year. As a result of a government mandate intended to address power shortages, NTPC is currently operating the two 300 MW power generators for a charge.

Early in 2022, the plant's output was halted because its Hong Kong-listed owner Agritrade Resources was unable to run it due to internal financial issues. Following a one-time settlement with a group of lenders led by State Bank of India, Agritrade acquired the factory in 2019. With a railroad line that transports coal directly to the plant, South Eastern Coalfields, a Coal India subsidiary, has a 25-year fuel supply deal with the plant.

Two lenders, Bank of Baroda and State Bank of India owe INR 18.9 billion to the Chhattisgarh-based power firm SKS Power Generation. Bids have been submitted, and are being reviewed. Before choosing the top bidder, lenders may ask bidders for further information before discussing the financial conditions of the offers. Final offers for the distressed company have been submitted by Reliance Industries, Adani Group, state-owned NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management. Around 23 businesses expressed interest in the operating 600 MW coal-based power plant. The final bid submission date had been extended by the lenders four times after several bidders requested an extension. State-owned NTPC said that it needed more time to acquire the government's and its board's approval. Insolvency and resolution proceedings for SKS were started in April last year. As a result of a government mandate intended to address power shortages, NTPC is currently operating the two 300 MW power generators for a charge. Early in 2022, the plant's output was halted because its Hong Kong-listed owner Agritrade Resources was unable to run it due to internal financial issues. Following a one-time settlement with a group of lenders led by State Bank of India, Agritrade acquired the factory in 2019. With a railroad line that transports coal directly to the plant, South Eastern Coalfields, a Coal India subsidiary, has a 25-year fuel supply deal with the plant.

Next Story
Infrastructure Urban

Arya Omnitalk Powers India’s Toll Revolution with AI-Driven Solutions

Arya Omnitalk, a leader in intelligent transportation systems, is revolutionising toll collection across India’s national highways with its advanced AI-powered Toll Management Solutions. Designed for rugged remote toll locations, the company’s cutting-edge technology ensures seamless, reliable, and secure tolling—especially during high-capacity operations exceeding 200%. By integrating real-time analytics, cyber protection, and FASTag-based cashless tolling, Arya Omnitalk’s systems are significantly reducing congestion, improving transparency, and enhancing revenue assurance. Its full..

Next Story
Infrastructure Urban

Over 800 Join Anant Raj Runathon to Mark Earth Day

Over 800 participants came together at Anant Raj Estate, Sector 63A, Gurugram, for the Anant Raj Runathon 2025—a vibrant celebration of Earth Day through fitness, community bonding, and sustainability. Curated by renowned running coach Ravinder, the event featured four categories: 10-mile and 5-mile timed runs, a 5-mile walkathon, and a 1-mile kids’ run. Runners of all ages took to the green, scenic roads of the area—some chasing personal bests, others running for a cause. The Runathon was designed to promote healthy living while raising awareness about sustainable practices. Participa..

Next Story
Infrastructure Urban

PETRONAS Lubricants, Quaker Houghton Ink Strategic Deal

In a significant step towards strengthening industrial operations in India and Malaysia, PETRONAS Lubricants India Pvt. Ltd (PLIPL) and Quaker Houghton have announced a strategic partnership aimed at delivering high-performance industrial fluid solutions to key manufacturing sectors, including steel production. The collaboration combines the strengths of both companies—leveraging PETRONAS Lubricants India’s maintenance lubricant technologies and Quaker Houghton’s deep expertise in metalworking fluids. Starting from the second quarter of 2025, Quaker Houghton will begin offering PETRONAS..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?