Indian state-run power firms close to buying Lanco asset for $365 mn: Report
2 years ago

Indian state-run power firms close to buying Lanco asset for $365 mn: Report

Live Mint  

Four Indian state-run power companies are close to buying a 1,980 megawatt stranded power plant from collapsed conglomerate Lanco Infratech for 30.2 billion Indian rupees, outbidding Adani Group and Reliance Industries, three government sources said. The state companies - Power Finance Corp Ltd, REC Ltd SJVN Ltd and Damodar Valley Corp - aim to acquire the coal-fired power plant of Lanco Amarkantak in Chhattisgarh in central India, the sources said. This sale process marks the first time that power sector financiers PFC and REC have entered the bidding to take over management of a project and have outbid the big industrial conglomerates. If the deal goes ahead, SJVN Ltd will be the majority shareholder in Lanco Amarkantak with 40%, while DVC will own a 10% stake, the sources said, adding that PFC and REC would continue to hold 25% each.

India Indian Power Lanco Infratech Pfc Rec Lanco Amarkantak  staterun  close  companies  pfc  rec  infratech  lanco  amarkantak  indian  sources  firms  sjvn  report  power  mn  plant  asset  buying

History of this topic

NCLAT issues notice to Adani Power on plea contesting acquisition of Lanco Power
1 month, 2 weeks ago

NCLAT issues notice to Adani Power on plea contesting acquisition of Lanco Power

Live Mint  

The National Company Law Appellate Tribunal issued a notice to Adani Power Ltd on Monday in response to a plea challenging its approved resolution plan to acquire the bankrupt Lanco Amarkantak Power Limited. The National Company Law Tribunal’s Hyderabad bench had approved Adani Power’s plan in August. Through the acquisition, Adani Power aims to enhance its status as India’s leading …

Discover Related