RIL & Adani Group withdraw bid to acquire SKS Power Generation

According to those familiar with the procedure, Adani Group and Reliance Industries have not submitted updated bids to acquire SKS Power Generation (Chhattisgarh), making it a five-fold competition for the 600MW thermal energy project. Sarda Energy &Mines of Nagpur, Jindal Power of Delhi, NTPC, Torrent Power of Gujarat and Vantage Point Asset Management of Singapore have all submitted updated bids to acquire SKS through the corporate insolvency proceedings.

The start of the SKS resolution procedure took place in April 2022. The company owes Bank of Baroda and State Bank of India (SBI) an amount of Rs 1,890 crore. Citing the high demand for the factory, bankers are optimistic that they will be able to repay all their debts. NTPC, a state-owned company, was considered a strong candidate, but according to insiders, the revised bid is at the lower end of the range. NTPC is now managing the plant in Raigarh district as a result of a government decision intended to address electricity shortages.

Of the top three bids, Jindal has a 3,600 MW power plant within 60 km of the site and Sarda has a coal mine within 50 km of the site, making it a good asset to them due to the synergies on play.

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