JSW Energy bags KSK Mahanadi for Rs 15,985 cr
JSW Energy has bagged the bankrupt KSK Mahanadi Power Company under the corporate insolvency resolution process of Insolvency and Bankruptcy Code, 2016, the Sajjan Jindal-led company said Monday. The company offered ₹15,985 crore to financial creditors, outbidding Adani Power and NTPC.
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KSK Mahanadi is a Chhattisgarh-based electricity generation firm owning a 3,600 MW thermal power plant, utilising domestic coal and located in Chhattisgarh. Presently, 1,800 MW (600 MWx3 units) is operational which is 95% tied up under long and medium-term power purchase agreements.
An additional 1,800 MW (600 MWx3 units) is under construction, out of which one unit (600 MW) is 40% completed and the balance is in place for the remaining 1,200 MW. The plant has a firm arrangement for water and coal transportation for the entire 3,600 MW.
KSK Mahanadi entered debt resolution in 2020 after defaulting on payments, facing claims of ₹29,330 crore from lenders. Several banks, including State Bank of India, transferred loans to asset reconstruction companies to recover dues. Inadequate coal supply strained KSK Mahanadi's finances.
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