NTPC in talks to rescue 3,600 MW Mahanadi power plant

15 Oct 2021 CW Team

Energy major National Thermal Power Corporation (NTPC) is in talks for a financial rescue of a 3,600 MW thermal power plant in Rs 30,000 debt, which is unable to service in Chhattisgarh.

NTPC plans to collaborate with the banks to rescue the KSK Mahanadi Power plant. The collaboration between NTPC and the banks will be a 50/50 joint venture after officially infusing funds in the company.

The State Bank of India (SBI) is the largest lender for KSK Mahanadi Power, with a Rs 5,000 crore outstanding loan. It had also involved personal guarantees for recovering the dues provided by KSK Mahanadi Power's former promoter, S Kishor and K A Sastry.

According to the sources, Adani, Tata Power, Brookfield and Jindal Steel and Power Ltd (JSPL) have submitted their Expression of Interest (EoI) to acquire the plant. However, the banks are not sure about getting attractive offers due to previous discussions with the companies and chose parallel discussions with NTPC for other solutions.

NTPC has offered the same deal to the banks to form a joint venture and revive the Jhabua Power plant in Madhya Pradesh. Sources said that Jhabua's total debt is Rs 4,900 crore and could form a template for the recent discussions with the bankers.

According to the deal, NTPC agreed to infuse Rs 900 crore in Jhabua Power. It may have to increase sums running into multiples into KSK Mahanadi Power.

The insolvency of the KSK Mahanadi Power was commenced on 3 October 2019 at the National Company Law Tribunal (NCLT), which entered into a plea by the banks for recovering their amounts.

As per the latest filings, at the end of March 2019, the company generated Rs 4,000 crore in revenue.

The power plant has 25 years of Power Purchase Agreement (PPA) with the electricity boards in Gujarat, Tamil Nadu, Uttar Pradesh and Andhra Pradesh.

In 2019, Adani offered Rs 11,000 crore to the bankers to take over the power plant, but the offer was rejected because not all banks agreed to the terms of the bid.

Image Source

Energy major National Thermal Power Corporation (NTPC) is in talks for a financial rescue of a 3,600 MW thermal power plant in Rs 30,000 debt, which is unable to service in Chhattisgarh. NTPC plans to collaborate with the banks to rescue the KSK Mahanadi Power plant. The collaboration between NTPC and the banks will be a 50/50 joint venture after officially infusing funds in the company. The State Bank of India (SBI) is the largest lender for KSK Mahanadi Power, with a Rs 5,000 crore outstanding loan. It had also involved personal guarantees for recovering the dues provided by KSK Mahanadi Power's former promoter, S Kishor and K A Sastry. According to the sources, Adani, Tata Power, Brookfield and Jindal Steel and Power Ltd (JSPL) have submitted their Expression of Interest (EoI) to acquire the plant. However, the banks are not sure about getting attractive offers due to previous discussions with the companies and chose parallel discussions with NTPC for other solutions. NTPC has offered the same deal to the banks to form a joint venture and revive the Jhabua Power plant in Madhya Pradesh. Sources said that Jhabua's total debt is Rs 4,900 crore and could form a template for the recent discussions with the bankers. According to the deal, NTPC agreed to infuse Rs 900 crore in Jhabua Power. It may have to increase sums running into multiples into KSK Mahanadi Power. The insolvency of the KSK Mahanadi Power was commenced on 3 October 2019 at the National Company Law Tribunal (NCLT), which entered into a plea by the banks for recovering their amounts. As per the latest filings, at the end of March 2019, the company generated Rs 4,000 crore in revenue. The power plant has 25 years of Power Purchase Agreement (PPA) with the electricity boards in Gujarat, Tamil Nadu, Uttar Pradesh and Andhra Pradesh. In 2019, Adani offered Rs 11,000 crore to the bankers to take over the power plant, but the offer was rejected because not all banks agreed to the terms of the bid. Image Source

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..