New Delhi: Adani Power has placed the highest bid of Rs 27,000 crore for the 1,800-megawatt KSK Mahanadi Power plant, which is currently in insolvency proceedings. This bid from Adani ensures a 92% recovery for the creditors.
By Thursday evening, banks had received 10 financial bids for the thermal power firm. The list of other bidders includes Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Jindal Steel & Power owned by Naveen Jindal, iLab India Special Fund, Rashmi Metaliks, and Sherisha Technologies, as mentioned by the sources.
The bid from Adani Power comprises Rs 12,500 crore in immediate cash, Rs 9,000 crore in accumulated cash within the company since three of its units are operational, and an anticipated Rs 5,500 crore in receivables, as stated by one of the individuals.
Capri Global Holdings has submitted the second-highest bid, proposing to pay Rs 25,000 crore, including the company’s cash, receivables, and an upfront payment to the lenders. NTPC, the third-highest bidder, has offered Rs 22,200 crore, consisting of Rs 7,700 crore in upfront payment and Rs 14,500 crore in the company’s cash and receivables.
The resolution professional at KSK Mahanadi Power, along with Adani Power and NTPC, did not reply to ET’s inquiries for comments.
Capri Global confirmed its interest in a written response, stating, “Our AIF, along with our investors, is committed and wishes to acquire this company.” The AIF mentioned is the Capri Xponentia Stressed Asset Fund.
