Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Jindal Power, a subsidiary of India's Jindal Steel & Power Ltd, has bid ₹140 billion ($1.69 billion) for a coal-fired power station in the eastern area. The company has made a financial bid for the KSK Mahanadi facility, which is under insolvency procedures and is being pursued by billionaire Gautam Adani's Adani Power and Anil Agarwal's Vedanta Ltd, among others, according to a source familiar with the case.
The 1,800 MW power plant, developed by KSK Energy Ventures, is one of numerous bankrupt coal-fired private power plants that have been insolvent in recent years due to a lack of fuel sources and finances to complete the projects.
The plant was admitted for insolvency proceedings in October 2019, but the court has not called financial bids since then. The plant has cash reserves of ₹120 billion ($1.45 billion) from operations and total debt claims of ₹320 billion ($3.85 billion).
The share of private investment in India's coal-brd power dwindled after 2018 due to lower demand and an ambitious thrust by the federal government on renewable energy. However, coal-brd power plants are back in focus as India expects demand to cross 260 GW during peak hours in summer this year.
India will operate new coal-fired power plants with a combined capacity of 13.9 GW until December this year, the highest annual increase in at least six years.
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