Gautam Adani’s Adani Group is once again back on the path of aggressive expansion of business. Adani Group, one of the largest business groups in the country, is expanding its business rapidly. The group is now just two steps away from making another big deal in the power sector.
Adani Power of Adani Group made the biggest bid
According to an ET report, Adani Group’s power company Adani Power may soon execute a new deal. It is now just two steps away from buying Chhattisgarh’s troubled power company KSK Mahanadi Power. Adani Power has offered Rs 27 thousand crore to buy KSK Mahanadi Power, which has been considered the biggest bid.
Many giants involved in the race to buy
KSK Mahanadi Power is currently undergoing the insolvency process. Apart from Adani, many giants are involved in the race to buy it. Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Jindal Steel and Power, iLab India Special Fund, Rashmi Metallics and Sherisha Technologies have also placed bids for KSK Mahanadi Power. However, according to ET’s report, Adani Power has come out on top in the race with an offer of Rs 27 thousand crore.
KSK Mahanadi Power has so much capacity
KSK Mahanadi Power has power generation plants with a capacity of 1,800 MW, which makes it an attractive offer. This is the reason why big businessmen like Adani, Jindal and Anil Agarwal are showing interest in buying it. Along with this, government companies like Coal India and NTPC are also in the race.
Lenders will get 92 percent recovery
Talking about the offer presented by Adani Power, it is the biggest bid and ensures 92 percent recovery for the lenders of KSK Mahanadi Power. Adani Power’s offer includes Rs 12,500 crore upfront cash, Rs 9,000 crore cash deposited with the three operational plants of KSK Mahanadi Power and estimated receipts of Rs 5,500 crore.
These two offers are the biggest after Adani
If we look at other offers, the second biggest bid after Adani Power is said to be from Capri Global Holdings (Rs 25,000 crore). NTPC is at number three by offering Rs 22,200 crore.
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