JSW Energy Limited has received the Letter of Intent (LoI) for its resolution plan to acquire KSK Mahanadi Power Company Limited (KMPCL). The announcement comes after the approval by KMPCL’s Committee of Creditors under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016. The closure of the transaction is now subject to regulatory clearances from the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI).
JSW Energy offered Rs 15,985 crore to financial creditors, outbidding Adani Power and NTPC. Adani Power was the second highest bidder with Rs 15,885 crore. The Chattisgarh-based coal-based power company owed Rs 32,248 crore to the creditors including Rs…
