Jindal Power has submitted a bid for the distressed KSK Mahanadi project in Chhattisgarh, a coal-based power project that is being eyed by Adani Power and Vedanta Ltd. The 1,800-megawatt power project, built by KSK Energy Ventures, is one of many distressed coal-fired private power stations in insolvency proceedings. Jindal Power s unsolicited bid shows renewed interest in coal-based power plants in India as the country expects its peak demand to cross 260-gigawatts this year.
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Sinnar Thermal Power (STPL) is a subsidiary of the listed company RattanIndia Power, one of the largest distressed power producers, which has a 1,350 MW power plant at Nashik in Maharashtra.
Punjab and Sind Bank, frustrated by the delay in resolving KSK Mahanadi Power s corporate insolvency, plans to sell its debt to asset reconstruction companies (ARCs). The bank has invited offers from ARCs for its loans to KSK Mahanadi Power and KSK Water Infrastructure.