RIL, Adani, NTPC among bidders for SKS power.

Reliance Industries Ltd., Adani Power and the state-run NTPC are among the nearly two-dozen bidders interested in buying the bankrupt SKS Power Generation located in Chhattisgarh, people familiar with the matter told ET.



Others that have expressed interest include Torrent Power, Jindal Power Ltd., the Vedanta Group, DB Power, Sarda Energy & Minerals, Jindal India Thermal and also bad loan aggregators Aditya Birla ARC, Phoenix ARC and Prudent ARC, the people cited above said..

SKS Power Generation is undergoing a corporate insolvency and resolution process (CIRP) since April 2022 and owes two lenders led by Bank of Baroda (BoB) a total of ₹1,890 crore. BoB has the lion's share of the debt with ₹1,740 crore of secured loans while State Bank of India (SBI) is the other creditor with ₹150 crore of dues.

"The expressions of interest (EOI) have come from different groups indicating the demand for the asset. This is an operational plant with all coal and purchase power agreements in place, a rarity in today's times. Large industrial groups even with a power sector exposure have shown interest because a captive plant with coal linkages will reduce their power expenses," said one of the people cited above.

July 28 was the last day for submissions. The cut-off for bidders was set at ₹300 crore net worth and ₹ 1,000 crore of assets under management. Lenders will now scrutinise the EOIs and call for resolution proposals by mid-August.

Lead lender BoB, process advisor BoB Capital Markets and resolution professional Ashish Rathi did not reply to an email seeking comment. Individual bidders could not be immediately reached.

The SKS unit has a capacity to produce 600 MW, out of which 300 MW is presently in working condition. Last month ET reported that NTPC has been tasked with operating and maintaining the plant until lead lender Bank of Baroda (BoB) finds a buyer. The plant has 25 years of fuel agreement with SECL (South Eastern Coalfields Ltd), a Coal India arm with a railway line directly transporting coal to the plant.

ET