JSW Energy outbids Adani Power to pick up KSK Mahanadi Power for Rs 15,985 cr: Report

The 1,800-megawatt power plant, built by KSK Energy Ventures, is one of many distressed coal-fired private power stations mired in insolvency proceedings

With an offer of Rs 15,985 crore, JSW Energy has outbid Adani Power in race for KSK Mahanadi Power, The Economic Times reported on October 28.

The auction ended on October 26, the paper said, citing sources.

According to ET, six companies were in the race to acquire the company and the Adani group firm had offered Rs 15,885 crore to the creditors.

The 1,800-megawatt power plant, built by KSK Energy Ventures, is one of many distressed coal-fired private power stations mired in insolvency proceedings in recent years as owners did not have fuel supplies and the funds to complete them.

The plant was admitted for insolvency proceedings in October 2019 but the court has not called financial bids since then.

The plant has cash reserves of Rs 12,000 crore ($1.45 billion) from operations, and total debt claims of Rs 32,000 crore ($3.85 billion).