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

  • 1 year, 4 months ago (2024-02-07)
  • David Flin
Asia 945 Coal 324

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.

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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.”