26 companies queue up for KSK Mahanadi power project
JSW Energy, Jindal Power, Adani Power, Swan Energy, Vedanta, Coal India and NTPC are among 26 companies that have shown interest in acquiring debt-ridden 1,800 MW KSK Mahanadi power project.
People aware of the development told ET that some funds have also shown interest in acquiring the plant, which is undergoing a fresh round of auction under the insolvency process.
The National Company Law Tribunal (NCLT) vacated the stay on the auction of the power project on April 5, paving the way for a fresh round of bidding. The total claim of lenders on the project is pegged at about Rs 32,000 crore. These companies have given 'expressions of interest', which were to be submitted by April 26 and the timeline to give a resolution plan by the interested parties is June 18, according to the timeline set by resolution professional Sumit Binani.
ET's emailed queries to Adani Power, NTPC, Coal India, JSW Energy, Vedanta and Swan Energy did not elicit any response till press time.
«Jindal Power Ltd is looking for opportunities to acquire stressed assets in the power sector. KSK Mahanadi, with 1,800 MW capacity located in Chhattisgarh, is one such plant which JPL is looking to acquire,» Anil Kumar Pandey, managing director, Jindal Power, told ET.
The NCLT had stayed the sale process of the project in June 2022 following a plea to consolidate the resolution of KSK Mahanadi and two of its ancillary companies, which are also under resolution process.
The current round is expected to garner a better valuation for the project,
