Adani Power, RIL, and NTPC among other final bidders for SKS Power

3 Jan 2023 , 10:15 AM

According to people familiar with the situation, SKS Power Generation’s lenders have received seven bids to take over the distressed power producer. The power company based in Chhattisgarh owes Rs1,890 crore to two lenders, Bank of Baroda and State Bank of India. 

As per the sources, final bids for the distressed company have been submitted by Reliance Industries, the Adani Group, state-owned NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management.

The deadline for bid submissions was December 30.

The 600-megawatt (MW) coal-based power plant had piqued the interest of 23 parties. After some bidders requested more time, lenders extended the deadline for submitting final bids four times.

The state-owned NTPC stated that it needed an extension to obtain approval from both its board and the government. The corporate insolvency and resolution process at SKS began in April.

NTPC is currently operating the power generators’ two 300 MW units for a fee, in accordance with a government directive aimed at alleviating power shortages. The plant ceased operations in early 2022 after its Hong Kong-listed owner, Agritrade Resources, was unable to operate it due to financial difficulties of its own.

Following a one-time settlement with a group of lenders led by the State Bank of India, Agritrade acquired the plant in 2019.

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