Gautam Adani’s power company is expanding its business rapidly. Adani Power has placed a bid to buy a company. According to the Economic Times report, Adani Power has placed a bid of Rs 27,000 crore for KSK Mahanadi Power. This company is going through the bankruptcy process and has a capacity of 1800 MW.
Apart from Adani, many other companies have submitted bids for this company, which include government companies as well as private companies. The report says that if Adani’s bid remains on top, then 92 percent of the company’s debtors’ money will be recovered from this amount. It is being told that this company has a debt of Rs 32,240 crore.
These 10 big companies are involved in the race
A total of 10 companies including Adani are in the race to buy the power company and have submitted their bids. According to the report, apart from Adani Power, the list includes Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Navin Jindal-owned company Jindal Steel and Power, iLab India Special Fund, Rashmi Metallics and Shreesha Holdings.
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Bid 5 times more than valuation
This year, news came that NTPC is joining the race to buy Chhattisgarh’s KSK Mahanadi Power Company. During this time, the government company had fixed its valuation at Rs 5000 crore. In such a situation, Adani Power has presented a bid more than 5 times the valuation of this company. However, NTPC’s bid has not been revealed yet.
Let us tell you that KSK Mahanadi is undergoing corporate insolvency process since April 2022. The company had defaulted in March 2018. This company then had a debt of Rs 21,760 crore. On Friday, Adani Power shares fell by 1.54 percent to Rs 726.40.
Source (PTI) (NDTV) (HINDUSTANTIMES)