NEW DELHI: NTPCNSE 1.39 % has outbid the Adani Group for the Avantha Group’s 600 MW Jhabua power plant in Madhya Pradesh, with a Rs 1,900-crore offer that was two and-a-half times more than the rival bid, people in the know said.
State-run NTPC’s offer is also the highest on a per-megawatt basis so far to buy out a stressed asset in the power sector. The thermal power producer undergoing bankruptcy proceedings owes more than Rs 5,000 crore to lenders, who could recover 38% of their loans if they accept the NTPC offer.
