The dominance of Adani Group, one of the largest business groups in the country, is going to increase in the power sector. The way for a new deal has been cleared for Adani Power, the power company of Adani Group. Adani Power has been considered the winner in the resolution process for power company Lanco Amarkantak, which has been facing financial crisis for the last several years.
These companies were out of the auction process
ET’s According to a report, Adani Power was chosen the winner on Wednesday for the debt-ridden company Lanco Amarkantak Power. In the report, quoting sources related to the matter, it is being told that Adani Power had presented an offer of Rs 4,101 crore for Lanco Amarkantak Power. Adani Power was expected to face competition from a consortium led by Reliance Industries and Power Finance Corporation in the auction, but both the competitors did not participate in the auction.
No official announcement has been made yet
However, no official statement has come out in this regard yet. Neither resolution professional Saurabh Kumar Tikmani has said anything about this, nor has any update been given by Adani Group yet.
Many giants were involved in the race to buy
The story of the resolution process of Lanco Amarkantak Power and Adani becoming the winner is quite interesting. Many companies were interested in buying Lanco Amarkantak Power. Lanco Amarkantak, operating in the South Indian market, has active power plants, due to which many giants were showing interest in the auction process. Apart from Adani, Vedanta’s Anil Agarwal, Mukesh Ambani and Naveen Jindal had also shown interest in the company.
Anil Agarwal’s company’s offer was rejected
Lanco Amarkantak Power Limited The process of corporate insolvency started in September 2019. In 2022, Anil Aggarwal’s company Twin Star Technologies had presented a bid of Rs 3000 crore, which was rejected by the lenders saying it was too low. After that, when the process was started again, Adani and Ambani did not participate in the auction citing violation of the sale process. Then only PFC consortium had made a bid of Rs 3,020 crore.
Jindal Power backed out by making the biggest offer
Adani Group first made an offer of Rs 3,650 crore in November last year. Was. After that, Adani improved its offer and increased it to Rs 4,101 crore in December. Naveen Jindal’s company Jindal Power had applied on January 12 showing interest in the process. Jindal Power had presented an offer of Rs 4,203 crore on January 16 with a bank guarantee of Rs 100 crore, but later the company withdrew its bid and backed out.
Adani is also on this company. Eyes
Adani Group also has its eyes on another power company of South India. IL&FS Tamil Nadu Power Corporation Limited, another power company in the South Indian market, is also going through the insolvency process. Adani Power, the power company of Adani Group, has also shown interest in this.