New Delhi: Currently, Sinnar Thermal Power Plant located near Nashik in Maharashtra is in the news. This is when it is lying closed. There is competition among big companies of the country to buy it. This list includes Adani Group company Adani Power Limited, Naveen Jindal’s Jindal Power Limited, commodity company Vedanta Group, Kolkata-based Orissa Metallics Private Limited and VFSI Holdings Pte, the Singapore-based branch of Verde Partners, etc. This power owned by RatanIndia Power. The plant is currently going through a crisis. These companies have made formal bid to purchase this 1350 MW capacity Sinnar Thermal Power. According to sources, Maharashtra government-owned Mahagenco and public sector NTPC have also submitted a joint bid for this plant located near Nashik. Thus, a total of 7 companies have bid for this plant.
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The company is bankrupt
This power plant was developed by Indiabulls Power, a subsidiary of RatanIndia Power. Shapoorji Pallonji & Company had filed a petition for non-payment of dues after construction of a part of this plant. After this, it was declared bankrupt in January.
price not determined
According to our associate Economic Times, a person aware of the matter said that six resolution plans were received earlier this month. They are still being assessed for compliance under the Bankruptcy Code. The value of these bids has not been determined yet as there may be some negotiations between the resolution professional and creditors. All the bidding companies have offered a plan including a deposit of Rs 10 crore.
After all, why are the companies after this plant?
Now the question comes that why 7 companies are showing interest in purchasing this power plant. Actually, there is 1600 acres of land around this plant. This means that any company buying it can double its capacity by adding another 1350 MW.