00:00Electricity company KSK Mahanadi Power had six companies in its hold.
00:13Among them were Gautam Adani's Adani Power, Sajjan Jindal's JSW Energy, Naveen Jindal's
00:19Jindal Power, Anil Agrawal's Vedanta, government company NTPC Limited and financial firm Capri
00:25Global.
00:26Adani was badly rejected in this auction.
00:29What is the reason for this and who won the auction, we will tell you in this video.
00:36According to sources, JSW Energy rejected everyone and bid for KSK Mahanadi Power.
00:43It offered 15,985 crores to financial creditors.
00:48JSW Energy was the biggest bidder in this auction that ended on Saturday.
00:54In KSK Mahanadi Power's Chhattisgarh, there are three coal-based units of 600 megawatts.
01:00The bidding process went on for two days and six companies ran away.
01:04According to sources, in the 10th round, Adani Power chose the option of getting out of the
01:11race after offering a final bid of 15,885 crores.
01:13In the 11th round, only one bidder, JSW Energy, bid for more than 100 crores from Adani's bid.
01:21JSW Energy and Adani Power offered 26% equity shares and 100 crores to operational creditors.
01:29Financial service firm Capri Global was also in this race, but in the 10th round,
01:33it got out after offering a final bid of 15,850 crores.
01:39Jindal Power, Vedanta and NTPC bid for the 9th round of the bidding process.
01:44JSW Energy and Adani Power responded to a comment request.
01:49Resolution Professional accepted the bid of 29,330 crores from financial creditors.
01:56Advanced recovery for lenders will be around 26,485 crores or 90%.
02:02Kishore Sethuraman promoted KSK Mahanadi Power to Adani for more than six years.
02:09In the end of 2018, Adani Group offered 10,300 crores.
02:14But after the Uttar Pradesh government's tariff was reduced, they withdrew from it in February 2019.
02:21Under the Insolvency and Bankruptcy Code, the group has acquired at least three electricity companies.
02:27These include Avanta Power's Korba West Power and Coastal Energon's Lanko Amarkantak Power.
02:33But in the case of KSK Mahanadi Power, Gautam Adani's hands are empty.
02:38So, what is your opinion on this news? Do tell us in the comment box.
02:42And for more such news, keep watching Good Returns.
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