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.

Infrastructure Transport

07 Apr 2026

Tunnelling Begins for Thane, Borivali twin tunnel project

Tunnelling work has commenced for the 11.84-km Thane–Borivali Twin Tunnel, set to be India’s longest urban road tunnel, marking a key milestone in Mumbai’s infrastructure development.As per a post shared by Mumbai Metropolitan Region Development Authority on social media platform X, the tunnel boring machine (TBM) ‘Nayak’—the country’s largest single-shield hard rock TBM for an urban tunnel—was launched by Devendra Fadnavis on Tuesday. The event was attended by Eknath Shinde and Sunetra Pawar, among other dignitaries. A second TBM, ‘Arjuna’, is expected to be launched so..

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..