Adani power has emerged as the highest bidder of just received 1800 MH KSK Mahanadi thermal project in Chhattisgarh with an offer of Rs.27,000 crore.
The KSK Mahanadi power project is a coal power read thermal power plant located in Chhattisgarh, India. It is a need and operated by KSK energy ventures. The Adani offer already ensures 92% recovery for the KSK mahanadi lenders.
The upcoming project of Adani power Ltd, ‘Mahan energen limited’ expansion of its existence, 1200 MW power plant at Singrauli Madhya Pradesh by addition of 1600 MW. The expansion units based on ultra supercritical technology.
The report said that 10 financial bids where is CBD for the thermal power company by Thursday. Coal India, NTPC, Vedanta, JSW energy, Capri global holdings where among the other bidders. On this news the Adani power ltd shares down bye 1.58% today.
Adani power Ltd is the largest private thermal power producer in India with an installed capacity of 15,250 MW. Adani Powers nine power plants have spread out across the states of Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Madhya Pradesh and Jharkhand.
KSK Mahanadi thermal project explained : the companies began after it defaulted on bank loans worth Rs.20,000 crore in 2018. The lead play indoors for the project was power finance Corp Ltd, state only nonbanking financial corporation. After the different lenders began debt restructuring, which involved and sale of assets. Adani power which is one of the middle of this project is withdrawn in 2019, but in 2020, the company was submitted to the NCLT under the insolvency and bankruptcy code.
The project was running and had power purchase agreement with Andhra Pradesh, Tamil Nadu and Uttar Pradesh. Earlier the State bank of India. One of the largest lender to the project tried to resolve it through 8 Samadhan scheme but the attempt failed.
KSK Mahanadi has been facing financial difficulties since 2018, when it defaulted on massive Rs.20,000 crore loan due to this issue, the plant was placed under insolvency. The company attempts to resolve the matter many times, but the situation could not be solved.
With India experiencing record-breaking heat waves this year and facing a power shortage. The government is keep on receiving search stolid projects to boost electricity supply
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