JSW, Adani, others express interest in Avantha Power arm
Mumbai: Avantha Group’s Jhabua Power, which is undergoing insolvency proceedings, has received expressions of interest from JSW, Adani PowerNSE 4.66 %, National Thermal Power Corporation (NTPCNSE 0.93 %) and Tata Power-backed Resurgent Power, said people directly briefed on the matter.
A few Singapore-based distressed asset investors and some local asset reconstruction companies are also said to have submitted EoIs, they said, adding that VedantaNSE 1.45 % group’s Sterlite Power may also participate in the bidding process.
The deadline for submission of formal bids for the company is November 15.
Jhabua Power was admitted for insolvency proceedings at the National Company Law Tribunal (NCLT) in March. The company operates a 600 mw thermal power plant in Madhya Pradesh which has power purchase agreements with the state electricity boards of Madhya Pradesh and Kerala. Another 600 mw of capacity is under construction.
