November 02, 2024 20:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Andhra Pradesh: Three-year-old girl raped and murdered by relative in Tirupati | Two terrorists killed in encounter with security forces in Kashmir's Anantnag | Bengal: 5-year-old girl raped and murdered in Alipurduar, accused beaten to death by angry villagers | Kashmir: Encounter breaks out between security forces and terrorists in Srinagar | Mumbai Police initiates extradition process to bring back Lawrence Bishnoi's brother Anmol Bishnoi from US
Gautam Adani considering bidding for Anil Ambani's coal-fired power plants under auction: Report
Gautam Adani

Gautam Adani considering bidding for Anil Ambani's coal-fired power plants under auction: Report

| @indiablooms | 12 Jul 2023, 12:50 am

New Delhi: Billionaire Gautam Adani is contemplating a bid for the coal-fired power plants owned by Anil Ambani, who is facing financial difficulties, Bloomberg reported.

The power plants are presently being auctioned by an NCLT.

Adani, who recently completed a capital raising of $2.8 billion, may face strong competition in acquiring Vidarbha Industries Power Ltd., the company operating the 600-megawatt generation facilities located in central India, the report said citing anonymous sources.

One of the sources mentioned that Anil Ambani’s Reliance Power Ltd. is also contemplating making a bid for the asset with the aim of regaining control of the company.

However, discussions are still ongoing, and both Adani and Reliance Power have the option to decide against proceeding with formal offers, as per the sources.

If Adani successfully acquires the power plants, the assets would contribute to his expanding portfolio of coal power projects.

This move comes as the conglomerate endeavours to recover from a significant blow dealt by Hindenburg Research in January, which resulted in a sharp decline in the group's market value, surpassing $150 billion at one point.

The potential auction of Vidarbha Industries to another company would indicate a further decline for Ambani, who was once a billionaire but has been embroiled in long-standing battles with creditors and engaged in a bitter succession dispute with his elder brother Mukesh, who is Asia's wealthiest individual.

On the other hand, Adani is exploring opportunities to expand his primary fossil fuel ventures.

Meanwhile, according to sources, Bain Capital and Carlyle Group Inc. are among the potential bidders for a controlling stake in Adani Capital, his shadow bank. Adani is seeking to preserve cash and concentrate on his key businesses by considering such divestments, the report said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.