Jindal Power wins bid for Bhadreshwar Vidyut; to pay Rs. 500 crore

Industry:    4 weeks ago

Jindal Power has won the bid for Gujarat-based Bhadreshwar Vidyut which is undergoing insolvency proceedings, according to the company’s bankruptcy administrator.

The privately owned Naveen Jindal group company is said to have bid around Rs. 500 crore for Bhadreshwar Vidyut which operates thermal power plants in the Kutch district of the western Indian state.

“Lenders have issued the letter of intent to Jindal power which is the successful resolution applicant,” said Hitesh Goel, Bhadreshwar Vidyut’s resolution professional.

Goel was appointed to administer the company under insolvency by national company law tribunal (NCLT).

“As a next step the resolution plan will be taken to NCLT for approval,” he said.

Goel declined to comment on the value of Jindal Powers bid.

Bhadreshwar Vidyut owes lenders around Rs. 1200 crore as principal on loans obtained by it. The company has 300 megawatts of power generation capacity. The likes of Capri Global, Kutch Chemicals and Manaksia Coating competed to acquire the company.

Jindal Power has thermal power generation capacity of over 4.6 gigawatts. It has also embarked on a major foray into renewable energy generation.

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