Adani, JSW & Tatas Bid For Stake In GMR’s Power Plant

Adani, JSW & Tatas Bid For Stake In GMR’s Power Plant

Adani Power, JSW Energy and Tata Power have submitted bids to acquire a majority stake in GMR Infrastructure  1,370-mw power plant in Chhattisgarh. Sources said state-run Neyveli Lignite did not submit its bid for the project. Neyveli had earlier held talks with the lenders for acquiring acontrolling stake in the project.

“Adani Power, Tata Power and JSW Energy have submitted their expressions of interest for acquiring a majority stake in GMR Chhattisgarh Energy. The lenders will check the documents submitted by these companies for technical and financial eligibility and shortlist the qualified bidders,” sources in know of the development said.

A consortium of lenders to the commissioned project led by Axis Bank is looking to divest its stake under the strategic debt restructuring (SDR) process. The consortium of 15 lenders including State Bank of India, Bank of India, Canara Bank, Bank of Baroda and HDFC in February last year converted the plant’s ?2,992 crore debt into equity as part of the SDR plan for change in management. Read More…

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