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.

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