Key Points
In a sudden U-turn, Naveen Jindal-promoted Jindal Power has dropped out of the race to acquire Lanco Amarkantak Power..
Just last week, the company had topped an offer by Adani Power for the distressed thermal power company undergoing corporate insolvency proceedings...
Following this development, only three bidders - Adani Power, Reliance Industries and Power Finance Corporation-led consortium - will participate in the proposed auction process...
On January 12, Jindal Power filed a petition with the tribunal seeking approval to participate in the proposed auction of Lanco Amarkantak, and on January 16, it gave 4,203 crore cash offer along with a 100-crore bank guarantee, as reported by ET on January 13 and January 17, respectively..
This month, the tribunal permitted lenders to hold a fresh auction for the sale of the thermal power company with Adani's offer of 4,100 crore as base bid..
