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.

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