Gautam Adani-led Adani Power and Naveen Jindal’s company Jindal Power may see a competition to buy the bankrupt company Ind-India’s thermal power plant. Interested in buying the company.
Significantly, due to the energy crisis in the country for some time, companies are continuously increasing their investments in the power sector, in this sequence, Adani Power on Friday acquired two companies related to the infrastructure of the power sector.
It was told in the report that JPL and Adani Power have submitted their bids to buy the thermal plant of this company. However, there is no clear information about how many crores this deal will be. Ind-Bharat has two 150 MW thermal power plants in Tuticorin, Tamil Nadu but they have been closed since 2016 due to poor financial condition of the company. According to the information, if any company buys these two plants, then about 75 crores will have to be invested to start them again.
The company owes creditors Rs 2,148 crore, out of which 21 per cent was given by Punjab National Bank, 18 per cent by State Bank of India and the rest by Bank of Vadodara, Axis Bank and Canara Bank.
Let us tell you, not only the Adani Group in the power sector, other big companies of India are also investing in huge amounts. Last month, Vedanta had bought Athena Chhattisgarh Power for Rs 565 crore. There are also reports that Jindal Power is soon planning to acquire another Diwali of the power sector and company Simhapuri for Rs 300 crore. For this the company is working on a large scale.
On the other hand, Gautam Adani, the second richest person in Asia, is spreading his business in all sectors. Recently, he has bought India’s cement business from Swiss company Holcim for $10.5 billion.
