Resurgent, Adani, JSW & Vedanta eye stressed power projects at half of cost


Resurgent, Adani, JSW & Vedanta eye stressed power projects at half of cost

Tata Power and ICICI Ventures-backed Resurgent Power, Adani Power, JSW Energy and Vedanta Plc are eyeing a large chunk of stressed power assets at half of the projects’ cost as lenders rush to close deals ahead of August 27 deadline.

Resurgent Power, 26% owned by Tata Power, has put in a bid of about Rs 4,600 crore for the beleaguered Jaiprakash Power Ventures Ltd (JPVL), about 40% of the projects’ cost. JPVL owns three power plants — 1,320 Mw Nigrie with an attached coal mine, 500 Mw Bina, 400 Mw Vishnuprayag hydro plant — and a transmission line, sources said.

JSW Energy and Edelweiss ARC had earlier submitted their bids, they said. Resurgent and JSW have also submitted Rs 6,000-crore bids each for Jaypee Group’s 1,980 Mw Prayagraj Power Generation. Resurgent has also offered equity infusion of 15% for the project. Read More

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