Adani weighs bid for Anil Ambani’s bankrupt coal plants

Billionaire Gautam Adani is weighing a bid for the coal-fired power plants belonging to beleaguered Indian tycoon Anil Ambani that are currently being auctioned by an Indian bankruptcy court, according to people familiar with the matter.

Adani, fresh from a $2.8 billion capital raising, may face intense competition for Vidarbha Industries Power Ltd., which operates the 600-megawatt generation facilities in central India, according to the people, who asked not to be identified as the plans are private.

Ambani’s Reliance Power Ltd. is also considering making an offer for the asset in an attempt to win back control of the firm, one of the people said.