JSW Energy has emerged as the top bidder for KSK Mahanadi Power at an auction which ended on 27 October, 2024. The Sajjan Jindal-promoted company offered Rs 15,985 crore to financial creditors, as the sole bidder in the 11th round.
Six companies participated in the two-day bidding process, which saw Adani Power opting out after making a final offer of Rs 15,885 crore in the 10th round. As 26 percent equity stake to lenders is also part of proposal, both JSW and Adani had offered 26 percent equity stake to lenders and another Rs 100 crore to operational creditors.
JSW Energy had earlier acquired 700 MW Ind Barath Energy (Utkal) for Rs 1,048 crore and in March 2023, its subsidiary JSW Neo Energy acquired a 1,753-MW renewable energy portfolio from Mytrah Energy at approx. Rs 10,150 crore.
KSK Mahanadi Power has three operational coal-based units in Chhattisgarh.
PwC supported the resolution professional (RP), Sumit Binani. The RP has admitted Rs 29,330 crore claims from financial creditors. For lenders, the upfront recovery will be about Rs 26,485 crore or 90 percent, including JSW’s offer of Rs 15,985 crore and Rs 10,500 crore as cash and undisputed fund receivables).
