Now Adani and Ambani face to face to buy this company, can bet big

Gautam Adani vs Mukesh Ambani: Mukesh Ambani’s Reliance Industries and Adani Group have now come face to face to bid for another company. Along with these big companies, 5 more companies are also included, in which a government company is also ready to bid. According to a report, Reliance Industries and Adani Group can play big bets to buy this company.

This Chhattisgarh based power company is SKS Power. This company has a huge debt of two banks. An ET report states that seven bids have been received to buy SRK Power Company. Due to this, a competitive situation is visible between Adani Group and Reliance Industries.

How much debt on SKS Power Company

The power company of Chhattisgarh owes Rs 1,890 crore to Bank of Baroda and State Bank of India. According to the report, a person with knowledge of the process told that the company will evaluate the bids. This deal will also be discussed with financial partners. Along with this, lenders can also take complete information before selecting any one bidder.

These seven companies are involved in this race

Reliance Industries, Adani Group, state-run NTPC, Torrent Power, Jindal Power, Sarada Energy & Minerals and Singapore-based Vantage Point Asset Management have submitted final bids for the bid. Submitted. The last date for submitting bids was December 30, 2022.

The deadline was extended four times

As many as 23 entities were asked to bid for the 600 megawatt (MW) coal-based plant in working condition, of which the lender had extended the deadline for submission of final bids four times after some of the bidders sought more time.

The company’s plant had closed the business

The plant was due to stop production in early 2022 after Hong Kong-listed owner Agritrade Resources, which bought the company from a conglomerate in 2019, failed to operate it due to financial difficulties. The plant has a 25-year fuel supply agreement with South Eastern Coalfields, a unit of Coal India.

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