Adani, Vedanta in race to buy Lanco plant
New Delhi|Mumbai: Adani Group and VedantaNSE 1.17 % are competing to acquire LancoNSE -0.45 %’s Amarkantak power plant located in the mine-rich Korba area of Chhattisgarh after it was admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) last year, according to people aware of the matter.
Both parties are conducting due diligence on the power plant, which has 600 MW of operational thermal power capacity, 1,320 MW of under-construction capacity, and another 1,320 MW at the planning stage, after expression for interest was invited in December; neither has made a financial offer yet, according to the people. Sources also said at least one more party, a Singapore-based player, could join the bidding process.
