Lenders to Jhabua Power Ltd may call fresh bids for the company after attempts to sell it to industrial gas manufacturer Goyal MG Gases Pvt. Ltd failed to make headway, three people aware of the development said. The company, a unit of Gautam Thapar-promoted Avantha Power and Infrastructure Ltd, was put on the block in the first week of May.
Mint reported on 29 August that Delhi-based Goyal MG Gases, a late entrant to the race, had offered ₹2,350 crore for Jhabua Power, outbidding rivals such as Adani Power, Tata Power-backed Resurgent Power Ventures Pte Ltd, Edelweiss Asset Reconstruction Co. (ARC) and Phoenix ARC.
The company had also furnished bank guarantees of ₹100 crore as stipulated by the lenders. Read More