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Reliance Industries and Adani Group: Many big power companies of the country have now joined the race to acquire another company. A total of 14 companies including Mukesh Ambani’s Reliance Industries and Gautam Adani’s Adani Power have shown interest in buying it. Apart from Adani and Ambani, Vedanta and Jindal Power also want to acquire it.
This company is Bhadreshwar Vidyut and it is the third such company, which has shown interest to be acquired by two big corporate companies of the country, Reliance Industries and Adani Group. Earlier Adani and Ambani’s companies came face to face to buy SKS Power and Lanco Amarkantak Power. Although both did not bid aggressively.
Adani and Ambani came face to face here too
According to the Economic Times report, the bidding for SKS Power and Lanco Amarkantak is yet to be completed. At the same time, Reliance and Adani Group have also shown interest in bidding for Future Retail. Sherisha Technologies, which recently picked up 22.7 per cent stake in Anil Jain’s Refex Industries, is also involved in buying Bhadreshwar Vidyut. J P IJCON, Candla Agro and Chemicals and Kutch Chemicals Industries have also submitted bids.
About Bhadreshwar Electricity
Bhadreshwar Vidyut was earlier known as OPGS Power Gujarat. Its main objective is to promote the vehicles of OPG Group. It has a 150 MW coal based power plant in Kutch Gujarat. Its first unit was completed in February 2015 and the second unit was completed a year later in February 2016. Icra Ratings had said in a report that Rs 2,026 crore has been spent on the project, which works out to Rs 6.75 crore per MW. In this, debt of Rs 1,497 crore and equity fund of Rs 529 crore were introduced.
There was a proposal to take loan again
There is huge debt on this power company. The company’s debt was divided into non-performing in December 2020. After this, the power producer had prepared a debt restructuring proposal of Rs 850 crore for a total debt of Rs 1,775 crore. NCLT said in its order that most of the lenders had refused this offer.
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