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