RIL would compete with Adani-owned Adani Power for auction of a decommissioned thermal unit of Lanco Amarkantak Power . RIL emerged as the highest bidder in the first round of resolution plan submission .
RIL, according to a study by Economic Times, would compete with Gautam Adani-owned Adani Power for an auction of a decommissioned thermal unit of Lanco Amarkantak Power on November 25.RIL had emerged as the highest bidder in the first round of resolution plan submission followed by Adani Power.A consortium of state-owned Power Finance Corp. and REC Ltd. will also participate in the auction.During the first round, the PFC and REC combo, which together hold 41% of the company's debt, ranked at three.It will be the first time RIL and Adani Power compete, according to the analysis.
Although Reliance made a bid of Rs 2000 crore in an upfront payment scheme, the PFC-REC pairing had offered 3,870 crores over the next 10-12 years.Following Lanco's 51st committee of creditors meeting, the lenders accepted RILs bid, with Adanis 2,950 crore bid as the price.They have also submitted expressions of support for these two firms.Lanco is a producer of thermal power generation in Chhattisgarh.The first phase of the project on the Korba Champa state highway has been completed, and the second phase is being developed.