Get All Access for $5/mo

Adani or Ambani, Who Will Win the Bid Over Distressed Assets of Lanco Amarkantak Power? The clash is set to happen during an auction of the assets of the distressed thermal power firm undergoing corporate insolvency on November 25, ET reported

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

According to a report in The Economic Times, a clash is set to happen between the Mukesh Ambani-led Reliance Industries and Adani Power, led by Gautam Adani, to buy the assets of Lanco Amarkantak Power.

The clash is set to happen during an auction of the assets of the distressed thermal power firm undergoing corporate insolvency. The auction is scheduled to take place on November 25.

The report said a consortium of Power Finance Corp and REC Ltd, both state-owned, will also participate in the bidding process. If RIL wins the bid, it will mark the company's entry into the thermal power sector. RIL has already emerged as the highest bidder in the first round, but, Adani Power took the first position in the second round with a bid of INR 2,950 crore. RIL had submitted a bid of INR 2,000 crore, the report added.

Now, as Adani Power has become the highest bidder after the second round, its INR 2,950-crore offer will be the base price for the November 25 auction. At the 51st committee of creditors meeting, which stretched over five days, lenders decided to hold an auction to identify the highest bidder, the people cited above said, ET explained.

Lanco runs a coal-based thermal power project on the Korba-Champa state highway in Chhattisgarh. It has commissioned the first phase and the second phase is under construction, the construction of the third phase is yet to begin.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.