FCC

Vantage Point is the highest bidder for SKS Power's bankruptcy

2023-05-05

Vantage Point Asset Management of Singapore has made the highest offer of Rs 18 billion for the insolvent SKS Power Generation (Chhattisgarh). Ahmedabad-based Torrent emerged in second place, outbidding Vantage's offer by only Rs 70 million.

Jindal Power, which is controlled by Naveen Jindal and is based in Nagpur, and Sarda Energy also made competitive offers.

The committee of creditors (CoC) for SKS Power is reviewing the proposals and will vote on them soon. SKS has a 600 MW power plant in Chhattisgarh, which is currently operated by the state-owned NTPC, which made no strong acquisition bids for the business.

The two biggest corporations in India, Reliance Industries and the Adani Group, did not make any aggressive offers. Adani and Reliance fought for the Chhattisgarh Lanco Amarkantak power plant, but government-owned REC ultimately prevailed.

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