Vedanta, Torrent, Neyveli Join Race To Acquire GMR Plant


Vedanta, Torrent, Neyveli Join Race To Acquire GMR Plant

Anil Agarwal’s Vedanta group, Torrent Power and state run Neyveli Lignite Corp have joined the race for acquiring a controlling stake in GMR Energy’s 1,370MW plant in Chhattisgarh. In all, five companies including Adani Power and JSW Energy have put in final bids for the project, industry sources said. Resurgent Power, backed by Tata Group, opted out of the bidding.

Axis Bank, which leads the consortium of lenders that invoked strategic debt restructuring (SDR), will now evaluate bids. “Stake sale is likely within this month as per SDR rules. The project will be awarded to the company that bids to absorb the maximum debt,” the sources said. Read More…

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