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.