RIL, Adani Group, and NTPC bids for SKS Power

04 Jan 2023 CW Team

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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..