JSW Energy emerges as top bidder for KSK Mahanadi Power

Sajjan Jindal-backed JSW Energy emerged as the top bidder for KSK Mahanadi Power, offering Rs 15,985 crore to financial creditors and outbidding Adani Power at an auction that ended on Saturday, said sources.

Six companies participated in a two-day intense bidding process. Adani Power opted out of the race after making a final offer of Rs 15,885 crore in the 10th round, people cited above said. JSW Energy, the sole bidder in the 11th round, topped Adani’s bid by Rs 100 crore. JSW and Adani offered a 26% equity stake to lenders and another Rs 100 crore to operational creditors.

Financial services firm Capri Global was also on the list but exited after making a final offer of Rs 15,850 crore in the 10th round, while Naveen Jindal promoted Jindal Power, Anil Agarwal’s Vedanta and government-owned power company NTPC Ltd were active bidders until the 9th round of the bidding process, as per sources.

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The KSK Mahanadi Power Project is a coal-powered thermal power plant located in Chhattisgarh, India. It is owned and operated by KSK Energy Ventures, a private company.

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