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
Building Material

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Next Story
Technology

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

Next Story
Infrastructure Urban

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?