Jindal Power to acquire Bhadreshwar Vidyut for Rs 5 billion

Jindal Power Limited (JPL) has received a Letter of Intent (LoI) to acquire Bhadreshwar Vidyut Private Limited for Rs 5 billion.

The Gujarat-based thermal power company operates the Kutch Coal-Based Power Project and was undergoing a corporate insolvency resolution process (CIRP).

Bhadreshwar Vidyut, formerly known as OPG Power Gujarat Private Limited (OPGL), is a subsidiary of OPG Power Ventures Plc. The company set up a coal-based thermal power station in Mundra, Kutch district, Gujarat. The project was developed at a cost of Rs 18.55 billion, with Rs 4.64 billion coming from equity contributions. Construction of the power plant has been completed.

The company entered insolvency proceedings at the National Company Law Tribunal (NCLT) in October 2022 after State Bank of India (SBI) filed a petition. With JPL emerging as the preferred bidder, the acquisition is expected to bring new management and potential operational revival for the power plant.