Vedanta, JSW Energy bid low for stressed Odisha power project


Vedanta, JSW Energy bid low for stressed Odisha power project

Anil Aggarwal’s Vedanta Resources and Sajjan Jindal-led JSW Energy have placed very low bids of about Rs 1 crore per megawatt for an incomplete stressed power project in Odisha, leaving lenders worried over big haircuts for about 15GW of such non-commissioned assets.

Industry insiders said the bids are exceptionally low considering the fact that the project has coal and power purchase tie-ups. The bids cover just the land cost and are very close to liquidation cost, sources said.

Vedanta Resources has offered upfront payment of Rs 660 crore for the 660 MW project of Ind Bharat Group, or Rs 1 crore per megawatt, in the National Company Law Tribunal (NCLT) in a recent bidding round. Read More

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