Adani's Rs 41-billion bid leads Lanco unit acquisition

10 Jan 2024 CW Team

Adani Power's unsolicited offer of Rs 41 billion for Lanco Amarkantak Power will serve as the anchor bid in the proposed auction for the distressed thermal company.

The sources mentioned that Reliance Industries and a consortium led by Power Finance Corporation (PFC) are the other two participants in the auction process.

In January of the previous year, the PFC-led consortium's Rs 30.20 billion plan was approved by 95% of lenders, and the resolution professional subsequently sought approval from the National Company Law Tribunal (NCLT).

Following this, Adani Power presented an unsolicited improved offer of Rs 36.50 billion in November. It was highlighted that Adani's latest offer exceeds the lender-approved plan by the PFC-led consortium by 36%.

The resolution professional (RP) invited lenders to vote on whether to consider Adani's unsolicited offer, given that an application had already been filed with the NCLT. In late December, lenders unanimously agreed to consider the offer.

RP Saurabh Kumar Tikmani, backed by KPMG, has applied to the NCLT seeking direction on conducting an auction with Adani's offer as an anchor bid. The tribunal is scheduled to hear the matter on January 16.

In December 2022, during an auction, only the PFC-led consortium participated, offering Rs 30.20 billion. Adani and Reliance, who had initially offered Rs 29.50 billion and Rs 21.03 billion, respectively, did not participate, citing violations in the sale process.

With all lenders, including PFC and REC, voting on a proposal to restart the auction process, it provides significant support to Adani. PFC and REC jointly hold 41% of the debt in the power company, and their consortium emerged as a successful resolution applicant.

As per the Insolvency and Bankruptcy Code, debtholders are not prohibited from bidding for a company. A resolution can be blocked if anyone with over 34% debt opposes it; conversely, a plan is approved if 66% of lenders vote in favor.

As 41% debtholders, PFC and REC wielded veto power in the resolution of the power producer. Lanco Amarkantak's first phase, fully operational, consists of two units of 300 MW each, while the second phase, under construction, comprises two units of 600 MW each.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Adani Power's unsolicited offer of Rs 41 billion for Lanco Amarkantak Power will serve as the anchor bid in the proposed auction for the distressed thermal company. The sources mentioned that Reliance Industries and a consortium led by Power Finance Corporation (PFC) are the other two participants in the auction process. In January of the previous year, the PFC-led consortium's Rs 30.20 billion plan was approved by 95% of lenders, and the resolution professional subsequently sought approval from the National Company Law Tribunal (NCLT). Following this, Adani Power presented an unsolicited improved offer of Rs 36.50 billion in November. It was highlighted that Adani's latest offer exceeds the lender-approved plan by the PFC-led consortium by 36%. The resolution professional (RP) invited lenders to vote on whether to consider Adani's unsolicited offer, given that an application had already been filed with the NCLT. In late December, lenders unanimously agreed to consider the offer. RP Saurabh Kumar Tikmani, backed by KPMG, has applied to the NCLT seeking direction on conducting an auction with Adani's offer as an anchor bid. The tribunal is scheduled to hear the matter on January 16. In December 2022, during an auction, only the PFC-led consortium participated, offering Rs 30.20 billion. Adani and Reliance, who had initially offered Rs 29.50 billion and Rs 21.03 billion, respectively, did not participate, citing violations in the sale process. With all lenders, including PFC and REC, voting on a proposal to restart the auction process, it provides significant support to Adani. PFC and REC jointly hold 41% of the debt in the power company, and their consortium emerged as a successful resolution applicant. As per the Insolvency and Bankruptcy Code, debtholders are not prohibited from bidding for a company. A resolution can be blocked if anyone with over 34% debt opposes it; conversely, a plan is approved if 66% of lenders vote in favor. As 41% debtholders, PFC and REC wielded veto power in the resolution of the power producer. Lanco Amarkantak's first phase, fully operational, consists of two units of 300 MW each, while the second phase, under construction, comprises two units of 600 MW each.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..