Jindal was 'out'...now this company has become a question of 'credibility' for Adani-Ambani - Newztezz Online

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Thursday, January 25, 2024

Jindal was 'out'...now this company has become a question of 'credibility' for Adani-Ambani


After billionaire industrialist Naveen Jindal's power company is out of the race to buy a power plant, this company has now become a question of 'credibility' for Adani Power and Reliance Industries.

Naveen Jindal's 'Jindal Power' was earlier supposed to buy a power company facing bankruptcy process, but suddenly Jindal Power has taken a U-turn. After this, Gautam Adani's 'Adani Power' and Mukesh Ambani's 'Reliance Industries' are now in the race to buy this company. At the same time, every government company is also trying its luck. In such a situation, it remains to be seen who wins.

Yes, the acquisition of Lanco Amarkantak Power has become a question of credibility for Adani and Ambani. Whereas a company group formed under the leadership of Power Finance Corporation is also involved in this race. Lanco Amarkantak Power is facing corporate insolvency process.

Jindal left the deal midway

Jindal Power was earlier very interested in buying this power company. Last Tuesday, it withdrew its name by filing an application to withdraw from the deal in Amravati National Company Law Tribunal (NCLT).

Jindal Power had sought permission to participate in this deal on January 12 itself. The company had presented a cash offer of Rs 4,203 crore. Besides, a bank guarantee of Rs 100 crore was also offered.

Adani and Ambani gave big offers

Adani Power is quite desperate to buy this company. In the month of November, he had given an offer of Rs 3,650 crore. But around Jindal's offer, he increased his offer to Rs 4100 crore. Whereas PFC consortium has bid Rs 3,020 crore for this.

Now Lanco will go to NCLT auction for Amarkantak Power. Reliance Industries will also be called in this, because the company had presented a resolution plan for Lanco Amarkantak in the very beginning. The first phase of Lanco Amarkantak has been completed, in which electricity is generated from two thermal units of 300 MW each.

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