According to news reports, Gautam Adani is considering making a bid for the coal-fired power stations owned by Anil Ambani that are now being auctioned off by an Indian bankruptcy court.
According to the reports, Vidarbha Industries Power Ltd., which runs the 600 megawatt producing facilities in central India, may face fierce competition from Adani, which just completed a $2.8 billion capital raising.
According to one of the reports, Ambani’s Reliance Power Ltd. is also thinking about making an offer for the asset in an effort to regain control of the company. According to the reports, discussions are still ongoing, and Adani and Reliance Power may decide not to make formal offers.
As the conglomerate works to recover from a devastating short-seller attack by Hindenburg Research in January, which destroyed more than $150 million from the group’s market value at one point, the plants would add to Adani’s expanding portfolio of coal power projects.
News reports indicated that Bain Capital and Carlyle Group Inc. are among the potential bidders for a controlling position in Adani’s shadow bank Adani Capital as he seeks to conserve cash and concentrate on his core businesses. This is despite the fact that Adani is aiming to grow his primary fossil-fuel projects.
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