Mahagenco-NTPC top bidder for Sinnar Thermal
Mahagenco and public sector NTPC has emerged as the top bidder to take over the 1,350 MW Sinnar Thermal Power plant near Nashik.
Mahagenco's bid of Rs 3,800 crore is above the second-placed Adani Power in the initial round of bids. Lenders are evaluating legal and other compliances of the bidders, following which negotiations with individual bidders will start, said people familiar with the process.
«The early bids put the Mahagenco-NTPC partnership at the top. The second-placed bidder is behind as its bid is less than Rs 3,000 crore. But the plans are still at the initial stage and we could see revisions since all parties interested are serious players in this sector,» said a person familiar with the process. Resolution professional (RP) Rahul Jindal did not reply to an email seeking comment.
Commodities company Vedanta Group, Naveen Jindal's Jindal Power, Kolkata-based Orissa Metaliks and Varde Partners' Singapore-based arm VFSI Holdings are among seven companies that have made a formal bid to take over the distressed 1,350 MW Sinnar Thermal Power. Individual bidders could not be contacted.
The Mahagenco-NTPC combine is best placed because it runs the 2,190 MW Koradi power plant near Nagpur and can use its existing infrastructure to supply coal and run the plant.
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