Adani, NTPC in fray to acquire Avantha’s stressed power plant

NEW DELHI: Adani PowerNSE 0.89 % and NTPC Ltd are in the race to acquire a 1,260 megawatt thermal power plant of Gautam Thapar’s Avantha Group, a stressed project undergoing resolution as per the Insolvency and Bankruptcy Code (IBC).

This is the first time NTPC, the country’s largest power producer, has bid for any stressed project, while Gautam Adani-led Adani Power is on a buying spree, having recently acquired GMR Infrastructure’s 1,370 mw coalbased power plant in Chhattisgarh for a debt component of Rs 3,530 crore and equity outgo of Rs 1.