State Bank of India (SBI) and Varde Partners-backed Aditya Birla Asset Reconstruction Company Limited (Aditya Birla ARC) are finalising a renegotiated bid of Rs 16.22 billion, up from the Rs 15.44 billion that the ARC offered earlier for the non-performing loans of KSK Mahanadi Power Limited aggregating Rs 38.15 billion.
The loans aggregate to Rs 38.15 billion and the revised bid will result in a recovery of 42 per cent for SBI. Reportedly, Vedanta Group, Adani Power Limited, Jindal Power Limited, Jindal Polymer, Power Finance Corporation Limited and iLabs India Special Situation Fund were among the applicants that submitted expressions of interest to acquire it.