RIL and Adani Power submit bids for Lanco Amarkantak

Reliance Industries Limited (RIL) and Adani Power Limited have submitted bids to acquire distressed thermal power producer Lanco Amarkantak Power Limited.

Power Finance Corporation (PFC) Limited has also put in a bid in partnership with REC Limited. Among the three bidders, RIL has made the highest offer of around Rs 19.60 billion to lenders and most of the money would be paid upfront. Meanwhile, Adani Power has offered nearly Rs 18 billion in the form of bonds, at 8 per cent interest, payable over five years. The PFC-REC consortium has offered Rs 34 billion payable over 20 years and 40 per cent equity to lenders.