Vedanta and a Hyderabad-based investment company have bid for Lanco Amarkantak Power, which went into bankruptcy last year.
Bidders are said to have made offers raging from Rs 20 billion to Rs 30 billion each to take over the power plant located in Chhattisgarh. Further, the bids are being evaluated for legal compliance before negotiations are opened up. A group of 17 lenders had advanced about Rs 140 billion to the power company. Five of them – Axis Bank, Power Finance Corporation, Edelweiss ARC, LIC and IDBI Bank – accounted for more than half of those loans.