Jindal Power bids higher than Adani company for Lanco Amarkantak Power
Jindal Power (JPL) Tuesday gave a ₹4,203-crore, all-cash offer for acquiring Lanco Amarkantak Power, topping Adani Power's ₹4,100 crore offer, said people with knowledge of the matter.
Last week, JPL sought the bankruptcy court's approval to participate in the sale process of Lanco Amarkantak. On Friday, the Amaravati bench of National Company Law Tribunal (NCLT) directed JPL to submit a plan by Tuesday (January 16) to lenders along with a ₹100-crore bank guarantee.
The NCLT will hear Wednesday JPL's petition whether it can participate in the sale process.
The tribunal, last week, allowed lenders to hold a fresh auction for the sale of Lanco Amarkantak, taking cognisance of the belated offer by Adani Power made after majority lenders had approved a plan by a Power Finance Corporation-led consortium.
JPL appealed to the tribunal last week that wider participation from bidders will improve recovery for lenders, said the people cited above.
«Adani itself gave a belated offer that is 36% higher than that offered by PFC.
This shows that there is merit in allowing Jindal,» said a legal expert.
JPL officials did not respond to ET's request for comment.
If the tribunal permits, it will be the second instance wherein Adani Power will clash with JPL to acquire a distressed thermal power company.
Both companies participated in the Coastal Energen auction process that lasted two days and involved intense bidding. Adani Power emerged the winning bidder, offering ₹3,440 crore, as reported by ET on October 23.
In the case of Lanco Amarkantak, at an auction in December 2022, only the PFC-led consortium participated.
