Sarda Energy & Minerals, highest bidder for SKS Power Generation
POWER & RENEWABLE ENERGY

Sarda Energy & Minerals, highest bidder for SKS Power Generation

According to sources familiar with the matter, Sarda Energy & Minerals, a Chhattisgarh-based steel producer with captive iron ore mines, has emerged as the highest bidder for SKS Power Generation (Chhattisgarh). Their offer of Rs 18 billion covers 100 per cent of the outstanding dues owed to the lenders of the company, which is currently undergoing insolvency proceedings.

In the bidding process overseen by a resolution professional, Sarda Energy & Minerals outbid competitors including the Naveen Jindal group and Torrent Power. The lenders to SKS Power Generation (Chhattisgarh) are Bank of Baroda and State Bank of India, and their total outstanding dues, including principal and interest, amount to Rs 18 billion, as per records from the Insolvency and Bankruptcy Board of India.

A person familiar with the matter stated that the winning offer not only ensures full recovery for the lenders but also provides potential long-term benefits based on the company's performance.

Sarda Energy and Minerals and Ashish Rathi, the resolution professional for SKS Power Generation (Chhattisgarh), as well as BOB Capital Markets, the process advisor for the deal, did not respond to queries from ET at the time of publication.

Previously, SKS Power Generation (Chhattisgarh) attracted interest from preliminary bidders such as the Adani Group and Reliance Industries. However, both companies eventually withdrew from the process.

The company operates two power plants, each with a capacity to generate 300 MW of power. The company faced challenges due to the non-operational status of its second power plant. During the insolvency process, the lenders provided interim finance to activate the second power plant. Subsequently, the company became profitable upon its commencement of operations.

Sarda Energy and Minerals reportedly made an aggressive bid for the company due to its ownership of coal mines near the power plants of SKS Power Generation (Chhattisgarh), ensuring convenient access to fuel and cost-effective power production.

Torrent Power showed interest in the acquisition due to its ownership of electricity distribution licenses, aiming to establish an integrated business model by acquiring a power producer. The Naveen Jindal group also owns coal mines, aligning their acquisition strategy with that of Sarda Energy & Minerals.

According to sources familiar with the matter, Sarda Energy & Minerals, a Chhattisgarh-based steel producer with captive iron ore mines, has emerged as the highest bidder for SKS Power Generation (Chhattisgarh). Their offer of Rs 18 billion covers 100 per cent of the outstanding dues owed to the lenders of the company, which is currently undergoing insolvency proceedings. In the bidding process overseen by a resolution professional, Sarda Energy & Minerals outbid competitors including the Naveen Jindal group and Torrent Power. The lenders to SKS Power Generation (Chhattisgarh) are Bank of Baroda and State Bank of India, and their total outstanding dues, including principal and interest, amount to Rs 18 billion, as per records from the Insolvency and Bankruptcy Board of India. A person familiar with the matter stated that the winning offer not only ensures full recovery for the lenders but also provides potential long-term benefits based on the company's performance. Sarda Energy and Minerals and Ashish Rathi, the resolution professional for SKS Power Generation (Chhattisgarh), as well as BOB Capital Markets, the process advisor for the deal, did not respond to queries from ET at the time of publication. Previously, SKS Power Generation (Chhattisgarh) attracted interest from preliminary bidders such as the Adani Group and Reliance Industries. However, both companies eventually withdrew from the process. The company operates two power plants, each with a capacity to generate 300 MW of power. The company faced challenges due to the non-operational status of its second power plant. During the insolvency process, the lenders provided interim finance to activate the second power plant. Subsequently, the company became profitable upon its commencement of operations. Sarda Energy and Minerals reportedly made an aggressive bid for the company due to its ownership of coal mines near the power plants of SKS Power Generation (Chhattisgarh), ensuring convenient access to fuel and cost-effective power production. Torrent Power showed interest in the acquisition due to its ownership of electricity distribution licenses, aiming to establish an integrated business model by acquiring a power producer. The Naveen Jindal group also owns coal mines, aligning their acquisition strategy with that of Sarda Energy & Minerals.

Next Story
Infrastructure Energy

SJVN Green Adds 100 MW Solar Capacity in Bikaner

SJVN Green Energy Ltd (SGEL), a wholly owned subsidiary of SJVN, has commenced commercial operations of an additional 100.02 MW from its 1,000 MW solar power project in Bikaner, Rajasthan. With this, the total commercially operational capacity at the site now stands at 501.02 MW.In a regulatory filing on Monday, SJVN confirmed that the newly added capacity became operational on 30 June 2025. The balance capacity is expected to be commissioned in the near future, progressively bringing the entire 1,000 MW project online.The Bikaner solar project is one of SGEL’s key renewable energy initiativ..

Next Story
Infrastructure Urban

India, RAK Mull Long Term Deal For Limestone And Green Steel

Union Steel Minister H D Kumaraswamy met Ras Al Khaimah (RAK) ruler Saud Bin Saqr Al Qasimi in Dubai to discuss securing long term access to low silica limestone from the UAE and collaborating on green steel production. The talks coincided with the Minister’s inauguration of new overseas offices for state owned engineering firm MECON and miner NMDC.Both sides examined opportunities in green hydrogen, value added steel exports from India, and setting up calcined lime plants in RAK that would use the emirate’s limestone and natural gas. Kumaraswamy invited RAK to join Indian ..

Next Story
Real Estate

Mahindra Lifespace Buys 9 Acre Plot in Bengaluru for Rs 2 Bn

Mahindra Lifespace Developers Ltd has purchased Shreyas Stones Pvt Ltd, which owns an 8.79 acre parcel at Navaratna Agrahara in North Bengaluru, for approximately Rs 2.0 billion. The share purchase agreement transfers one hundred per cent of SSPL’s equity—10,000 shares of Rs 10 each—to Mahindra Lifespace.The site will be integrated with an adjacent Mahindra holding, creating a unified premium housing scheme with a projected gross development value of about Rs 21.0 billion. On its own, the newly acquired plot is expected to generate roughly Rs 11.0 billion in sales..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?