In a sudden U-turn, Naveen Jindal-promoted Jindal Power has dropped out of the race to acquire Lanco Amarkantak Power. Just last week, the company had topped an offer by Adani Power for the distressed thermal power company undergoing corporate insolvency proceedings.
Following this development, only three bidders – Adani Power, Reliance Industries and Power Finance Corporation-led consortium – will participate in the proposed auction process.
