Jindal Power offers $1.68 for bankrupt Indian coal-fired power plant

• 1 year, 9 months ago (2024-02-07)
• David Flin

Asia 978 Coal 342

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Jindal Power , a unit of India’s Jindal Steel and Power, has submitted a $1.69 billion bid for the KSK Mahanadi coal-fired power plant currently in insolvency proceedings.

The 1800 MW plant is located in the Indian state of Chhattisgarh.

The plant was admitted for insolvency proceedings in October 2019. It has cash reserves of $1.45 billion from operations, and total debt claims of $3.85 billion. It has been reported by a source quoted in Reuters that: “Jindal Power has submitted an unsolicited bid to the authorised resolution professional for KSK Mahanadi Power project.”