Adani or Ambani, Who Will Win the Bid Over Distressed Assets of Lanco Amarkantak Power? The clash is set to happen during an auction of the assets of the distressed thermal power firm undergoing corporate insolvency on November 25, ET reported
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According to a report in The Economic Times, a clash is set to happen between the Mukesh Ambani-led Reliance Industries and Adani Power, led by Gautam Adani, to buy the assets of Lanco Amarkantak Power.
The clash is set to happen during an auction of the assets of the distressed thermal power firm undergoing corporate insolvency. The auction is scheduled to take place on November 25.
The report said a consortium of Power Finance Corp and REC Ltd, both state-owned, will also participate in the bidding process. If RIL wins the bid, it will mark the company's entry into the thermal power sector. RIL has already emerged as the highest bidder in the first round, but, Adani Power took the first position in the second round with a bid of INR 2,950 crore. RIL had submitted a bid of INR 2,000 crore, the report added.
Now, as Adani Power has become the highest bidder after the second round, its INR 2,950-crore offer will be the base price for the November 25 auction. At the 51st committee of creditors meeting, which stretched over five days, lenders decided to hold an auction to identify the highest bidder, the people cited above said, ET explained.
Lanco runs a coal-based thermal power project on the Korba-Champa state highway in Chhattisgarh. It has commissioned the first phase and the second phase is under construction, the construction of the third phase is yet to begin.
