Four Indian state-run power companies are close to buying a 1,980 megawatt stranded power plant from collapsed conglomerate Lanco Infratech for 30.2 billion Indian rupees ($364.84 million), outbidding Adani Group and Reliance Industries, three government sources said.
The state companies – Power Finance Corp Ltd (PFC), REC Ltd SJVN Ltd and Damodar Valley Corp (DVC) – aim to acquire the coal-fired power plant of Lanco Amarkantak in Chhattisgarh in central India, the sources said.
None of the companies provided any comment in response to requests from Reuters.
Lanco Amarkantak ran into financial difficulties after its Gurugram-based parent company Lanco Infratech collapsed. Lenders to the project, led by PFC, referred Lanco Infratech to insolvency proceedings.
