RIL & Adani Group withdraw bid to acquire SKS Power Generation

28 Mar 2023 CW Team

According to those familiar with the procedure, Adani Group and Reliance Industries have not submitted updated bids to acquire SKS Power Generation (Chhattisgarh), making it a five-way competition for the 600 MW thermal power project. Sarda Energy & Mines of Nagpur, Jindal Power of Delhi, NTPC, Torrent Power of Gujarat, and Vantage Point Asset Management of Singapore have all submitted updated bids to acquire SKS through the corporate insolvency resolution procedure.

According to the source, Sarda, Jindal Power and Vantage Point are at the top of the list among them with few margins amongst them. The offers have been received in the broad range of Rs 1,700 crore to Rs 2,000 crore. With less than Rs 10 crore in total revenue between them, Sarda, Jindal, and Vantage are at the top of the band. To clearly assess their plans and determine the preferred bidder, banks will need to speak with each of them.

Initiation of the SKS resolution procedure took place in April 2022. The company owes Bank of Baroda and State Bank of India (SBI) an amount of Rs 1,890 crore. Citing the great demand for the plant, bankers are optimistic that they will be able to recoup all of their debts. NTPC, a state-owned company, was regarded as a strong candidate but, according to insiders, its revised bid is at the lower end of the range. NTPC is now managing the plant in Raigarh district as a result of a government decision intended to address electricity shortages.

Of the top three bids, Jindal has a 3,600 MW power plant within 60 km of the site and Sarda has a coal mine within 50 km of the site, making it a good acquisition for them because of the synergies at play.

Resources

08 Sep 2025

IGBC Launches 32nd Chapter in Ranchi to Drive Green Building Growth

The CII Indian Green Building Council (IGBC) has launched its 32nd Chapter in Ranchi to accelerate Jharkhand’s transition towards sustainable and resilient urban infrastructure. The launch event, held on September 6 at Radisson Blu Hotel, brought together government officials, industry leaders, and sustainability experts. Sunil Kumar, IAS, Principal Secretary, Urban Development & Housing Department, Government of Jharkhand, said, “The launch of the IGBC Ranchi Chapter marks a significant step in Jharkhand’s urban development journey. The state is committed to creating a policy e..

Mindspace REIT Marks Five Years With 14.8 Per Cent Annualised Returns

Mindspace Business Parks REIT, owner and developer of a Grade-A office portfolio, has completed five years since its listing on the Indian bourses in August 2020. Despite debuting during the global pandemic, the REIT has delivered 14.8 per cent annualised total returns, expanded its portfolio, and reinforced occupier trust. Key achievements over five years include: Portfolio expansion of 30 per cent to 31.0 msf through acquisitions and new developments. Gross leasing of 25.2 msf, with occupancy sustained at 93.7 per cent. Cumulative distribution of Rs 55.9 billion to unitho..

Great Value Realty Secures RERA Nod for Ultra-Luxury Ekanam Project

Great Value Realty, one of North India’s most trusted developers, has received RERA approval for its flagship ultra-luxury residential project, Ekanam (RERA No. UPRERAPRJ15109/2019). The announcement was made during the Great Partners Meet at Noida. Built on the only available land parcel in Sector 107, Noida, Ekanam embodies the company’s philosophy, “Great is the New Norm,” promising excellence in design, quality, and sustainable community living. With seamless connectivity to Noida Expressway, DND Flyway, metro stations, and proximity to the upcoming Jewar Airport, the project ..