SKS Power Generation receives seven bids for takeover

The lenders of SKS Power Generation (Chhattisgarh) Limited have received seven bids for takeover.

The company  owes Rs 18.90 billion to the Bank of Baroda and the State Bank of India (SBI). The bidders include Reliance Industries Limited, Adani Group, NTPC Limited, Torrent Power Limited, Jindal Power Limited, Sarda Energy & Minerals Limited and Singapore-based Vantage Point Asset Management. Currently, two of SKS Power’s plants are being operated by NTPC for a fee. The last date for submission of the bids was December 30, 2022. The plant has attracted the interest of 23 companies. The insolvency proceedings were initiated in April 2022. The plant stopped production in 2022 after Hong Kong’s Agritrade Resources failed to run it due to financial difficulties. It was bought by Agritrade in 2019 in a settlement by a group of banks led by the SBI.