look news india
Gautam Adani's power company is rapidly expanding its business. Adani Power has placed a bid to buy a company. According to the information, Adani Power has placed a bid of Rs 27 thousand crore for KSK Mahanadi Power. This company is going through bankruptcy. Its capacity is 1800 MW.
Apart from Adani, many other companies have also bid for this company. This includes government companies as well as private companies. According to the report, if Adani's bid remains on top, then this amount will be recovered from 92 percent of the company's debtors. It is worth noting that this company has a debt of Rs 32,240 crore.
A total of 10 big companies joined this race
A total of 10 companies, including Adani, are in the race to buy the power company and all have submitted bids. According to the report, apart from Adani Power, this list includes Capri Global Holdings Coal India, NTPC, Vedanta, JSW Energy, Naveen Jindal's equity company Jindal Steel and Power, iLab India Special Fund, Rashmi Metallics and Shreesha Holdings.
This year, news came that NTPC is joining hands to buy Chhattisgarh's KSK Mahanadi Power Company. Meanwhile, the government company had fixed its valuation at Rs 5000 crore. In this, Adani Power submitted a bid of more than five times the valuation of this company. However, NTPC's bid has not come yet.
It is noteworthy that KSEC Mahanadi is undergoing corporate insolvency process since April-2022. The company defaulted in March-2018. Since then the company had a debt of Rs 21,760 crore. On Friday, Adani Power shares fell 1.54 percent to Rs 726.40.