JSW Energy wins bid for KSK Mahanadi Power with Rs 159.85 billion offer

JSW Energy has emerged as the top bidder for KSK Mahanadi Power at an auction concluding on October 27, 2024. The Sajjan Jindal-led company offered Rs 159.85 billion to financial creditors, outbidding Adani Power, which had made a final offer of Rs 158.85 billion in the 10th round before opting out. JSW’s proposal includes a 26% equity stake for lenders and an additional Rs 1 billion for operational creditors.

This acquisition marks another significant move for JSW Energy, which previously acquired Ind Barath Energy (Utkal) and a 1,753 MW renewable portfolio from Mytrah Energy. KSK Mahanadi Power, based in Chhattisgarh, operates three coal-based units.

With PwC advising the resolution professional, Sumit Binani, financial creditors stand to recover approximately 90% of the Rs 293.3 billion admitted claims, with JSW’s offer contributing Rs 159.85 billion and Rs 105 billion in cash and undisputed fund receivables.