05 May 2023 CW team
Singapore's Vantage Point Asset Management has made the highest offer of Rs 18 billion for insolvent SKS Power Generation (Chhattisgarh). Ahmedabad-based Torrent emerged in second place, outbid Vantage by just Rs 70 crore.
Nagpur-based Jindal Power, controlled by Naveen Jindal, and Sarda Energy also made competitive bids.
SKS Power's Committee of Creditors (CoC) is reviewing the proposals and will vote on them soon. SKS has a 600 MW power plant in Chhattisgarh, which is currently operated by state-owned NTPC, which has not made strong takeover offers for the business.
India's two largest corporations, Reliance Industries and Adani Group, did not make aggressive offers. Adani and Reliance fought over Chhattisgarh's Lanco Amarkantak power plant, but the government-owned REC ultimately prevailed.
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