In a first, NTPC to bid for Avantha’s Jhabua thermal plant under IBC
India’s largest state-owned power producer NTPC Limited is likely to bid first time for a stressed asset under the Insolvency and Bankruptcy Code (IBC). NTPC will bid for Avantha Power’s Jhabua thermal power project (1,200 MW) which has been submitted to National Company Law Tribunal by an Axis Bank-led lender consortium.
Company sources said banks were ready to finance the “war chest” that NTPC would use to bid for projects NCLT. NTPC will only participate in bidding held under IBC. Executives said the company will follow strict criteria for shortlisting assets for bidding.
“We are looking at projects which have any kind of coal supply stream, robust infrastructure built by noted contractor, land and allied clearances and in either operational or about to be operated state,” said a senior company executive requesting anonymity.
