SKS Power Generation receives 7 bids, Reliance, Adani, NTPC among bidders

It can set the stage for another clash between the Adani and Reliance groups

The lenders of SKS Power Generation have received bids for a takeover in exchange for payment of Rs 1,890 crore it owes to the Bank of Baroda and the State Bank of India (SBI), a report in the Economic Times (ET) said.  

Among the bidders are Reliance Industries, the Adani Group, NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals and Singapore-based Vantage Point Asset Management. Currently, two of SKS Power's plants are being operated by NTPC for a fee. 

"We have received bids and they are being evaluated. The financial parameters of the bids will now be discussed, and lenders may also seek more details from bidders before selecting the preferred one," a person, aware of the process, told ET.

This can set the stage for another clash between the Adani and Reliance groups. The last date for submission of the bids was December 30. 

The plant has attracted the interest of 23 companies. The insolvency proceedings were initiated in April. 

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.