With ₹27,000 crore, Adani tops KSK Mahanadi bidder list
Adani Power has offered the highest bid of ₹27,000 crore for KSK Mahanadi Power's 1,800-megawatt plant that's undergoing insolvency proceedings, people with knowledge of the matter told ET. The Adani offer already ensures a 92% recovery for the lenders.
Banks had received a total of 10 financial bids for the thermal power company by Thursday evening. Other bidders include Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Naveen Jindal-owned Jindal Steel & Power, iLab India Special Fund, Rashmi Metaliks and Sherisha Technologies, said the people cited above.
Adani Power's offer is a combination of ₹12,500 crore in upfront cash, ₹9,000 crore of accumulated cash in the company since three of its units are operational, and an estimated receivables of ₹5,500 crore, one of the persons cited above said.
Capri Global Holdings made the second highest offer. It sought to pay ₹25,000 crore inclusive of cash in the company, receivables, and upfront cash payment to lenders. NTPC, the third largest bidder, is offering ₹22,200 crore, which includes ₹7,700 crore upfront payment and ₹14,500 crore as the cash in the company and receivables.
The resolution professional at KSK Mahanadi Power, Adani Power and NTPC did not respond to ET's requests for comment.
Capri Global, in a mailed response, reaffirmed its commitment. «Our AIF, along with our investors, are committed and would like to acquire this company,» it said. The AIF that Capri refers to here is the Capri Xponentia Stressed Asset Fund.
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