NTPC Ltd., India’s largest power generating company, has acquired the stressed Jhabua thermal project (600Mw) of Gautam Thapar-owned Avantha Group, through the Insolvency and Bankruptcy Code (IBC) process.
It is the first asset that NTPC is taking over through the National Company Law Tribunal (NCLT) route. The estimated deal size is Rs 1,830 crore. The balance 50 per cent stake in the thermal unit would be owned by the lenders. Jhabua was submitted to the NCLT in May 2019 after defauting Rs 35 crore to an operational creditor. Sources in NTPC confirmed the acquisition.
Alvarez & Marsal completed the corporate insolvency resolution process (CIRP) Jhabua Power Limited.
