The Adani Group has joined the race to buy the 51 per cent stake in Coastal Energen owned by Indian lenders. The lenders took majority control in the Tamil Nadu-based company after it failed to repay its Rs 6,000 crore debt.
Apart from Adani, the Coal & Oil group, former promoter of the company, is also expected to put in a bid, said a source close to the development. The Coal & Oil group still holds around 40 per cent stake in the company.
A consortium of lenders led by State Bank of India has mandated SBI Caps to invite fresh bids for the company after its earlier bids were unsuccessful. The Adani group had recently withdrawn its application to take over Ruchi Soya Read More